Policy Account Sample Clauses
The Policy Account clause defines the mechanism by which premiums, payments, and other financial transactions related to an insurance policy are managed and recorded. Typically, this clause outlines how funds are credited or debited to the account, how interest or charges may be applied, and the responsibilities of both the insurer and policyholder regarding account maintenance. For example, it may specify how premium payments are allocated or how withdrawals and loans against the policy are processed. The core practical function of this clause is to ensure transparency and accuracy in the handling of policy-related funds, thereby reducing disputes and clarifying financial obligations for both parties.
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Policy Account. For each Policy, (i) an amount equal to the account value thereof invested on a variable basis shall be held by the Company in the Registered Separate Accounts and (ii) an amount equal to the account value thereof invested on a non-variable basis shall be held by the Company in the Unregistered Separate Account or transferred to the Company's General Account, in each case as required by the relevant Policy and Applicable Law, and consistent with the practices, policies and procedures of the Company as of the Effective Time. For the avoidance of doubt, in the event that any Policy or any Applicable Law is deemed to require the transfer of additional assets to the Unregistered Separate Account at any time, Reinsurer shall be responsible for transferring its assets to the Unregistered Separate Account to satisfy such requirement.
Policy Account. For each Policy, an amount equal to the accumulated value (as defined in the Policies) thereof invested on a variable basis shall be held by the Company in the Separate Accounts.
Policy Account. For each policy which is a variable annuity contract, an amount equal to the ▇▇▇▇▇▇▇ ▇▇▇▇▇ Variable Annuity Account account value or for variable annuity contracts annuitized on a variable basis, the annuitized contract reserves, shall be held by FLIC in the Separate Account.
Policy Account. (a) As of the date hereof, the Indenture Trustee has established in the name of the Indenture Trustee a separate special purpose trust account with the corporate trust department of The Bank of New York in New York (account no. 001621) (such account, the "Policy Account") for the benefit of the Indenture Trustee on behalf of the Noteholders. The Policy Account shall be maintained in a depository institution which at all times is rated at least "P-1" by Moody's and "A-1" by Standard & Poor's and if such depository institution at any time is rated below "P-1" by Moody's or "A-1" by Standard & Poor's, the Policy Account shall be transferred from and established at another depository institution meeting such criteria within one month of the occurrence of such ratings downgrade. The Indenture Trustee shall have exclusive dominion and control over and sole right of withdrawal of any amounts in the Policy Account. Amounts in the Policy Account shall be invested at the written direction of the American Servicer in Eligible Investments consisting solely of obligations issued and guaranteed as to the full and timely payment of principal and interest by the United States of America. All such Eligible Investments shall have maturities of a period ending on the earlier of the next Payment Date or the Optional Redemption Date or the Mandatory Redemption Date, as the case may be. Amounts in the Policy Account shall be disbursed by the Indenture Trustee in respect of the Notes in the same manner as principal and interest payments are to be made with respect to the Notes hereunder. It shall not be necessary for such payments to be made by checks or wire transfers separate from the check or wire transfer used to pay Insured Payments with other funds available to make such payments. However, the amount of any Insured Payment to be paid from the Policy Account shall be noted as provided in subsection (c) below.
Policy Account. ARTICLE THREE