What is the Definition of Separate Account?
In the United States, an investment account maintained separately from an insurer’s general account to help manage the funds placed in variable insurance products such as variable annuities. Contrast with General account. (See Segregated account)
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Annuity?
What is the Definition of Separate Account?
You can find random definition and meaning of insurance terms below:
What is the meaning of Reported Losses
Includes both expected payments for losses relating to insured events that have occurred and have been reported to the insurance company, but not yet paid.
What is the meaning of Reserve
A portion of the premium retained to pay future claims
What is the meaning of Reserve Credit
reduction of reserve amounts for reinsurance ceded. Reductions may include the claim reserve and/or the unearned premium reserve.
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