- Definition: Variable Annuity
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A contract between the customer and insurance company whereby the customer invests money in the form of some type of premium and in return the insurance company issues variable payments at some specified future date. Guaranteed Living protects against downside market risk during the contract owner's lifetime. These benefits typically are one of the following: Guaranteed Minumum Withdrawal Benefit (GMWB); Guaranteed Minimum Withdrawal Benefit for Life; Guaranteed Minimum Income Benefit (GMIB); or Guaranteed Minimum Accumulation Benefit (GMAB).
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