Retained asset account means any mechanism whereby the settlement of proceeds payable under a policy or contract is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into an account with check or draft writing privileges, where those proceeds are retained by the insurer or its agent, pursuant to a supplementary contract not involving annuity benefits other than death benefits.

Retained asset account means any mechanism whereby the

Retained asset account means any mechanism in which the settlement of proceeds payable under a life insurance policy is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into an account with check or draft writing privileges, where those proceeds are retained by the insurer, under a written supplementary contract not involving annuity benefits.

Examples of Retained asset account in a sentence

Retained asset account funds held by insurance companies are not guaranteed by the Federal Deposit Insurance Corporation (FDIC), but are guaranteed by the State Guaranty Associations.
Retained asset account for proceeds can be offered only ifanother mode of settlement is offered - §16-117 B27.
Retained asset account funds held by insurance companies are not guaranteed by the Federal Deposit Insurance Corporation (FDIC), but are guaranteed by State Guaranty Associations, and that the State Guaranty Association coverage limits vary by state.
Retained asset account" or "account" means any mechanism whereby the settlement of proceeds payable under an insurance policy is accomplished through the use of a temporary repository of proceeds into a checking or draft account.
Retained asset account for proceeds can be offered only if another mode of settlement is offered –COMAR 31.09.14.04 C6.

More Definitions of Retained asset account

Retained asset account means an interest-bearing account set up by an insurer in the name of the beneficiary of a policy or annuity upon the death of the insured.

Retained asset account means an account in which the settlement of proceeds payable under a policy or contract occurs when the insurer, or an entity acting on behalf of the insurer, deposits the proceeds into an account with check or draft writing privileges and those proceeds are retained by the insurer or its agent pursuant to a supplementary contract not involving annuity benefits other than death benefits.[PL 2017, c. 129, §1 (NEW).]

Retained asset account means any mechanism whereby the settlement of proceeds payable under a life insurance policy is accomplished by deposit by the insurer, or an entity acting on behalf of the insurer, depositing the proceeds into an account with check- or draft-writing privileges, where those proceeds are retained by the insurer pursuant to a supplementary contract not involving annuity benefits. “Tangible property” means the physical contents of a safe deposit box or other safekeeping repository, or physical items held as collateral by a banking organization, financial organization, or

Retained asset account means an account maintained by the Company, or administered by a third party, and provided as a settlement option under Life Insurance Policies and Annuity Contracts.

Retained asset account means any mechanism whereby the settlement of proceeds payable under a

Retained asset account means any mechanism whereby the settlement of proceeds

Retained asset account means the Primerica Estate Account identified in the financial statements of the Ceding Company, reflecting death benefit proceeds retained by the Company on behalf of beneficiaries and available to such beneficiaries on demand.