A guaranteed investment contract whose policyholder is not guaranteed a crediting rate, but instead receives a return based on the actual experience of the portfolio managed by the life insurance company.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
A guaranteed investment contract (GIC) that receives a return based on some portfolio of assets held by the insurance company issuing the GIC. This differs from most GICs, in that most pay a fixed return.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved