The minimum values guaranteed by the policy that will be available on surrender of the contract, assuming all required or illustrated premiums have been paid to the date of surrender. A term used on Northwestern Mutual sales illustrations indicating that the illustrated policy loan has not been deducted from the guaranteed cash value. For fixed annuity contracts, the beneficiary receives the accumulation value if the annuitant dies before the contract matures. The minimum death benefit that will be paid, regardless of dividend and investment experience. The benefit can be adversely affected by untimely premium payment and policy loans.
Interest is guaranteed for the life of the contract.
The maximum amount of insurance coverage available without submission and approval of medical evidence of insurability. The amount guaranteed could be the full policy amount, a portion thereof, or none at all. The maximum charges the insurer will assess for mortality as specified in the contract. The tables used to base these charges are defined by law. In universal life plans, it is the maximum premium that can be paid into the policy annually without violating IRS regulations on the required amount of pure life insurance protection.