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These accounts are referred to as 'retained asset accounts' and are essentially an I.O.U. from the company to the payee (in many cases a fallen service members' family). While in early 2010 Prudential was making profits of up to 4.2% in its general account, they paid out 0.5% interest in these non-FDIC insured "Alliance" accounts.
Retained asset account (RAA): This is an interest-bearing account where the insurer holds the death benefit and provides the beneficiary with a checkbook to draw funds as needed. This option ...
The retained earnings (also known as plowback [1]) of a corporation is the accumulated net income of the corporation that is retained by the corporation at a particular point in time, such as at the end of the reporting period. At the end of that period, the net income (or net loss) at that point is transferred from the Profit and Loss Account ...
Retained asset account: Retained asset accounts are essentially cash value checking accounts that earn interest. This option can be attractive to those who want access to their money in a lump sum ...
The company's response included an open letter to the military community in which it addressed what it characterized as "misinformation" about the nature of the accounts. [30] [31] Military Times noted that prior lawsuits against insurance companies pertaining to the use of retained asset accounts have been dismissed in federal courts without ...
A life insurance payout timeline can vary from company to company and claim to claim. You can avoid delays or denial by following the appropriate procedures. ... Retained asset account: While this ...
State insurance regulators have issued a consumer alert about the industry practice of retaining death benefit funds rather than paying them in a lump sum. The National Association of Insurance ...
In a trust account, retainage is withheld by the owner, placed in a trust account with a trustee that has a fiduciary relationship to the contractor. [26] The trustee can invest the retainage at the contractor's direction, thereby allowing the contractor to "use" the retained funds that normally would sit idle in an escrow account. [26]