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.
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