It stands for guaranteed investment contract; a contract (an insurance contract) involving retirement plans that is entered into by an...

The danger or possibility that a portfolio of an insurance firm, pension scheme or any annuity-paying institution will suffer a...

The danger or possibility that a portfolio of a life insurance company will suffer a drainage of resources from mortality...

A type of insurance policy under which the insured receives a certain percent of the death benefit (usually 25%) on…

In contract law, it is an agreement to an offer. Both offer and acceptance are essential for contract formation. For…

It stands for best estimate liability; an estimation of the liability value of a portfolio of insurance policies. It refers...

An estimation of the liability value of a portfolio of insurance policies. It refers to the unbiased estimate of the...

A fee that is charged by an insurer for the services it provides to the policyholders. It constitutes the insurer's...

It stands for variable fee approach; with respect to an insurance contract with direct participation features, it is the applicable...

With respect to an insurance contract with direct participation features, it is the applicable approach for measurement of the fulfillment...