- Consider that there are really two parts to the fund value, at least for a policy that is "over funded" (i.e., has a fund value greater than the GMF).
- The first part is equal to the GMF.
- The second part we might call the excess fund, and it is equal to the excess of the fund value over the GMF.
<Bonk: GMF - Guaranteed Maturity Fund>
-- JAMES W. LAMSON
1988 - UPDATE ON UNIVERSAL LIFE RESERVES AND NON-FORFEITURE VALUES - 36p, Society of Actuaries - [PDF-36p]