The minimum number of months for which a life annuity will be paid. If the annuitant dies before the guarantee period ends, the beneficiary(ies) will receive the remainder of the payments in the guarantee period.
A period of time during which the company will credit a stated rate of interest. The guarantee period is usually one year.
Payments can be guaranteed for a specific period of time. If the plaintiff dies before the end of that time, the annuity can be paid to the estate until the guarantee period expires. If the plaintiff lives longer than the guarantee period, the payments will continue to the end of the plaintiff’s life (assuming the policy is life contingent).
The period for which an insurer will guarantee a quoted rate prior to it being accepted. The period for which a guaranteed annuity will continue regardless of the survival of the annuitant
A life annuity where a certain period, for example 20 years, is guaranteed to be paid, notwithstanding the death of the "measuring life" prior to the end of this period. The guarantee is used to provide the on-going payments to the family or the estate of the injured party for the balance of the guarantee period.
Applies to life annuities, to provide a time period during which payments will be made regardless of whether the recipient is alive or not. It is designed to provide benefits to the estate of the injured party in most cases, or to the casualty insurer in others.
Period during which the level of interest specified under a fixed annuity is guaranteed.