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GMIB

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AcronymDefinition
GMIBGuaranteed Minimum Income Benefit (Insurance)


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The second popular rider is the guaranteed minimum income benefit, or the GMIB.
Both the GMIB and GMDB are subject to additional charges and certain conditions.
Other balances associated with the replaced contract, such as any liability for MGDBs or GMIBs, should be accounted for in a similar manner; that is, accounted for based on an extinguishment of the replaced contract and issuance of a new contract.
 
 
 
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