GMWB (person)

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(person) by mattbw (1.9 wk) (print)   ?   (I like it!) Tue Jul 10 2007 at 1:34:23

Guaranteed Minimum Withdrawal Benefit. A type of rider on a Variable Annuity insurance product. Variable Annuities are sold by insurance companies and the a la carte riders (e.g. GMWB) are a form of exotic option product. A Guaranteed Minimum Withdrawal Benefit confers on the holder of a Variable Annuity the right to withdraw a certain dollar amount per year irrespective of the performance of market conditions for an underlying account.

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