Guaranteed Investment Contract - GIC

What Does It Mean?
What Does Guaranteed Investment Contract - GIC Mean?
Insurance contracts that guarantee the owner principal repayment and a fixed or floating interest rate for a predetermined period of time.
Investopedia Says
Investopedia explains Guaranteed Investment Contract - GIC
Guaranteed investment contracts are typically issued by insurance companies and marketed to institutions that qualify for favorable tax status under federal laws. These products provide institutions with guaranteed returns.
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