What is the Definition of Guaranteed Living Benefit?

What is the Definition of Guaranteed Living Benefit?

A guarantee in a variable annuity that a certain level of annuity payment will be maintained. Serves as a protection against investment risks. Several types exists.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Guaranteed Living Benefit?

What is the Definition of Guaranteed Living Benefit?

You can find random definition and meaning of insurance terms below:


Meaning of Mediation in Insurance Terms

Nonbinding procedure in which a third party attempts to resolve a conflict between two other parties.


Meaning of Medicaid in Insurance Terms

A federal/state public assistance program created in 1965 and administered by the states for people whose income and resources are insufficient to pay for health care.


Meaning of Medical Payments Insurance in Insurance Terms

A coverage in which the insurer agrees to reimburse the insured and others up to a certain limit for medical or funeral expenses as a result of bodily injury or death by accident. Payments are without regard to fault.


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