Bullet GIC

Bullet GIC

A guaranteed investment contract with a single premium and a single payout at the maturity of the contract. Like all GICs, a bullet GIC provides the investor with a guaranteed principal repayment plus interest; it is usually offered by insurance companies. It is a fairly low-risk investment.
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In considerable (and technical) detail, the authors: * Discuss the concepts of fair value and entity-specific value, including the Financial Accounting Standards Board (FASB) approach, an International Accounting Standards Board (IASB) proposal, and alternatives the authors view as plausible * Give examples of how fair and entity-specific valuation might play out in practice in the case of three common products: the bullet GIC, term insurance and the single premium deferred annuity * Summarize the issues and discuss the business implications