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

The Company will establish processes to implement the Thorough Search requirements of paragraph 2.(i),(ii) and (iii) of this Agreement, including processes to obtain acknowledgement by Retained Asset Accountholders of their ownership of a Retained Asset Account with respect to which no non-automatic financial or administrative transaction has occurred, by no later than December 31,2014.
The Company will establish processes to implement the Thorough Search requirements of paragraph 2.i(ii) and (iii) of this Agreement, including processes to obtain acknowledgement by Retained Asset Accountholders of their ownership of a Retained Asset Account with respect to which no non-automatic financial or administrative transaction has occurred, by no later than December 31, 2013.
In addition, beginning on the first day of the month after the Effective Date of the Agreement (or at an earlier date if agreed to by the Company and Verus), Verus shall deliver a new Life Insurance Report, Group Life Insurance Report, Annuity Report, and Retained Asset Account Report on the first day of every calendar month,1 according to the following schedule:2 1 All references in this Schedule D to the number of days by which an action is to take place are to be calculated in calendar days.

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

Retained asset account means a mechanism by

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