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Gic

• See Guaranteed Investment (Interest) Contract.

 
 Embedded terms in definition
 Contract
 
 Referenced Terms
 Guaranteed investment contract: Abbreviated Gic. A pure investment product in which a life company agrees, for a single premium, to pay the principal amount of a predetermined annual crediting (interest) rate over the life of the investment, all of which is paid at the maturity date.

 Guaranteed investment interest contract: Abbreviated Gic. Debt instrument sold in large denominations often bought for retirement plans. The word guaranteed refers to the interest rate paid on the GIC; the principal is at risk.

 
 Related Terms
 Participating gic

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