Minimum income guarantee
Minimum income guaranteeThe Minimum Income Guarantee tops up pensioners' incomes from the basic state pension. In the year 2003, the top up is to £102.10 a week for a single person to £155.80 for a couple.The MIG rises with wages inflation which tends to move faster than price inflation (on which the basic state pension is based) so in time the gap between the state pension and the MIG should grow.Anyone with assets over £12,000 is disqualified from the MIG.
Guaranteed minimum periodGuaranteed minimum period
The period during which an annuity is paid irrespective of whether the annuitant dies during that period.If the annuitant lives beyond this period, payments continue until death. An annuity with such a guarantee could benefit people, with dependants who require the income to continue after their death. This means that the sum of money paid for the annuity would not be wasted in the event of early death.
Financial guarantee insuranceFinancial guarantee insurance
Insurance created to cover losses from specified financial transactions.
Guarantee FeeGuarantee Fee
A sum paid by the importer to the guarantor, usually as a percentage per annum of the face value of the bills or notes being guaranteed.
Guaranteed insurabilityGuaranteed insurability
A life and health insurance policy feature that enables the insured to add coverage at future times and at fixed and agreed-upon rates regardless of health conditions.
A commitment made by a person to be answerable for the debts or liabilities of another.A document, supplied by a manufacturer, indicating that in the event of product failure it will be repaired or replaced. This usually involves a specified time period. Also known as a warranty.
Further SuggestionsMIG Mortgage Indemnity Guarantee
guaranteed growth bond
guaranteed death benefit
Guaranteed investment contract (GIC)
guaranteed renewable policy
guaranteed minimum pension
Guaranteeing or Avalising Bank
Guaranteed renewable policy insurance
guaranteed income bond
Medium Term Guarantee Program
Letter of Guarantee
Guaranteed insurance contract
Guaranteed Mortgage Certificates (GMC)
Guaranteed replacement cost coverage insurance
Indemnity Guarantee Premium
Multilateral Investment Guarantee Agency (MIGA)
Export Credits Guarantee Department
Guaranteed death benefit
guaranteed sum assured