Guaranteed Benefit Policy Law and Legal Definition

29 USCS § 1101 defines the term "guaranteed benefit policy" as an insurance policy or contract to the extent that such policy or contract provides for benefits the amount of which is guaranteed by the insurer. Such term includes any surplus in a separate account, but excludes any other portion of a separate account. [John Hancock Mut. Life Ins. Co. v. Harris Trust & Sav. Bank, 510 U.S. 86, 95 (U.S. 1993)]