单词 | floating-rate contract |
释义 | floating-rate contractDefinition Bank or insurance company issued pension plan which the owner purchases in a lump sum payment. Floating-rate contract principal amounts are guaranteed by the issuing bank or insurance company, and the payoff to the owner is provided with a variable interest rate. Payments from floating-rate contracts may be received in a lump sum upon retirement or through installment payments. Also called guaranteed investment contract. |
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