Is also known as a separate account. These funds are kept separated from the insurer's general account and are invested in a portfolio of securities the match the investor's objectives.
A subdivision of the separate account established to receive and invest funds in a portfolio of underlying securities. (See also: portfolio) Return to Previous
One or more accounts that make up the Control Account. These sub-accounts are related to the control account and provide more detail of the Control Account. The total of the related sub-accounts will equal the related Control Account.
When a bank acts on behalf of an intermediary, a sub-account is opened for each of the intermediaries' clients, to hold their funds in their name. The account can only be operated, and the funds can only be used, according to the terms of a written agreement (Power of Attoney) that is given to, and approved by, the bank. The deposited funds are not considered intermediary assets nor bank assets if a safekeeping receipt is issued by the bank.