ESTABLISHMENT OF THE ACCUMULATION FUND. Upon the receipt by GLAIC of the Net Deposit Amount, GLAIC will establish an Accumulation Fund. The Accumulation Fund is a general account record that reflects the Fund Balance under this Policy. GLAIC is neither a trustee nor a fiduciary with respect to the Accumulation Fund. The Net Deposit Amount is allocated to GLAIC’s general account for investment but all funds received under this Policy will become the exclusive property of GLAIC without any duty or requirement for segregation or separate investment. The Fund Balance is not affected by the investment results of the assets held in the general account.
Appears in 65 contracts
Samples: Funding Agreement (Genworth Life & Annuity Insurance Co), Funding Agreement (Genworth Life & Annuity Insurance Co), Funding Agreement (Genworth Life & Annuity Insurance Co)
