Is a company: no
Is a proper noun: no
- combined investments
- all assets account
Definition of General Account
- The combined pool of assets and investments that an insurance company has access to for use in the payment of claims and benefits.
Related Terms and Acronyms
- Commingling — Bank,
- Lumping together money from different sources so the sources cannot be distinguished.
- Legal Reserve — Definition,
- The legally mandated minimum amount of money an insurer must keep liquid in order to satisfy its obligations to policyholders.
- Insurance Claim — Definition,
- An application for benefits made by an insurance policyholder after an insured event.
- 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) — Bank,
- A company that separates its assets and liabilities into a number of 'cells' to shield itself and each 'cell' from losses.
- Sub Account — Bank,
- A separate financial account used to keep track of a department's finances.
- Reserve — Bank,
- Money retained for some future use.
- 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.
- Reconciliation — Bank,
- Checking all bank account papers to make sure that the bank's records and your records agree.
- Voluntary Reserve — Definition,
- A reserve kept by an insurer for future claims that is larger than is required by government regulations.
- Total Admitted Assets — Definition,
- What assets an insurance company is legally allowed to include when determining its financial solvency.