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Guaranteed insurance contract

   Also found in: Acronyms 0.01 sec.
Guaranteed insurance contract
A contract promising a stated nominal interest rate over some specific time period, usually several years.


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Louis offices of the FBI and the Criminal Investigations Department of the IRS found that Robinson and two other men had been selling what they referred to as guaranteed insurance contracts which were supposedly issued by a syndicate of European insurance companies.
The revised guide will identify new types of investments appearing in plan portfolios, such as futures and options contracts, collateralized mortgage obligations (CMOs), real estate mortgage investment conduits (REMICs) and bank investment contracts (BICs)--new types of contracts issued by banks that may appear similar to guaranteed insurance contracts (GICs) and other investment contracts issued by insurance companies.
The funds were to be maintained in the Bank of America, and offered to major brokerage companies as collateral for guaranteed insurance contracts, which in turn were supposed to guarantee the investments.
 
 
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