General Account

Definition

  • The combined pool of assets and investments that an insurance company has access to for use in the payment of claims and benefits.

Synonyms
all assets account, combined investments, funds

Acronyms
GA

Related Terms and Acronyms

  • Commingling Definition,
    • Lumping together money from different sources so the sources cannot be distinguished.
  • Insurance Claim Definition,
    • An application for benefits made by an insurance policyholder after an insured event.
  • Legal Reserve Definition,
    • The legally mandated minimum amount of money an insurer must keep liquid in order to satisfy its obligations to policyholders.
  • Loss Reserve Definition,
    • A reserve of money and liquid assets set aside by an insurer for the payment of claims that have been submitted but have yet to be paid out.
  • Protected Cell Company (SPC) Acronym,
    • A company that separates its assets and liabilities into a number of 'cells' to shield itself and each 'cell' from losses.
  • Reconciliation Definition,
    • Checking all bank account papers to make sure that the bank's records and your records agree.
  • Reserve Definition,
    • Money retained for some future use.
  • Sub Account Definition,
    • A separate financial account used to keep track of a department's finances.
  • Total Admitted Assets Definition,
    • What assets an insurance company is legally allowed to include when determining its financial solvency.
  • Variable Life Insurance (VLI) Acronym,
    • Life insurance that provides the policyholder the option to place some of his or her premiums into the insurer's investment portfolio, providing beneficiaries with a variable death benefit.
  • Voluntary Reserve Definition,
    • A reserve kept by an insurer for future claims that is larger than is required by government regulations.
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