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
combined investments, all assets account, 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.
