Business / Taxes / General Account: A general account is a deposit account. In the insurance industry, a general account is the account into which all incoming funds, except those designated for a separate account, are deposited. Deposits to a general account include premiums for life insurance and fixed annuities, plus assets in the fixed portfolios of variable annuities. Assets in a general account can be used to cover company expenses and are vulnerable to creditors’ claims. In fact, this account can be sued to pay the firm’s obligations. That’s one reason that contract holders are cautioned that payouts are subject to the insurer’s ability to pay its claims. The Federal Reserve considers brokerage firms’ margin accounts that are governed by Regulation T as general accounts. The Fed requires that all margin transactions made on behalf of clients be conducted through the clients’ individual general accounts.
Account Noun Synonyms: calculation, accounting, reckoning, computation, (financial) statement, enumeration
General Adjective Synonyms: mixed, assorted, miscellaneous, heterogeneous, encyclopedic or encyclopaedic, diversified, extended, broad, comprehensive, inclusive, all-inclusive, non-exclusive, overall, blanket, across the board, sweeping, panoramic, catholic, composite, combined
General Noun Synonyms: common, prevailing, accepted, popular, public, communal, community, widespread, shared, extensive, prevalent, universal, worldwide, global, comprehensive, inclusive, all-inclusive, non-exclusive, overall, unrestricted
Business / Taxes / Separate Account: An insurance company’s separate account is established to hold the premiums you use to purchase funds included in variable annuity contracts the company offers. The separate account is distinct from MORE
Entertainment / Literature / Linguistic Generalization: As Algeo defines it, 'A semantic change expanding the kinds of referents of a word' (319). I.e., in generalization, a word picks up broader meaning instead of becoming specialized, focused, and narrow MORE