Chapter 9: legal considerations III. Claims G. Assets that are not General Assets, Special Deposits and Letters of Credit



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Determine all Guaranteed Benefits issued by TIC. Guaranteed Benefits (on both Variable and fixed products) will include expense charge guarantees and mortality guarantees, but likely will also include some combination of “optional” guaranteed benefits:

  • Guaranteed Living Benefits ("GLBs"), which may take various forms, including one or more of the following:

    • Guaranteed Minimum Withdrawal Benefits ("GMWBs"), including Guaranteed Lifetime Withdrawal Benefits (“GLWBs”)

    • Guaranteed Minimum Accumulation Benefits ("GMABs")

    • Guaranteed Minimum Income Benefits ("GMIBs")

  • Guaranteed Death Benefits ("GDBs")

  • Determine standards governing the Guaranteed Benefits. Guaranteed Benefits may be based upon, or determined from, one or more of the following:

    • Guaranteed return of premium

    • Guaranteed annual interest rate return (roll-up)

    • Highest anniversary (or other periodic) value (step-up)

    • Other




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