Asset account established by a life insurance company detached from other funds and used primarily for investments for a retirement plan.
****
An account established or maintained by an insurance company under which the income, gains and losses of that specific account are credited or charged without consideration of the income and investment results of the other assets of the insurance company.
Insurance Encyclopedia
Separate account (Pensions/Annuity/Life Insurance)
A company that holds assets for the participants in a variable contract. This type of company is typically a unit investment trust that has registered with the Seecurities and Exchange Commission.
Separate account contract
Type of agreement for funding a pension plan in which a pension’s assets are invested through an insurance company’s separate account. This agreement does not guarantee investment performance. Also called investment facility contract .
separate account guaranteed investment contract (GIC)
Type of guaranteed investment agreement in which funds for the agreement are placed in the insurance company’s separate account.
Separate procedure
Procedure that is an integral part of a larger procedure and does not need a separate code, unless performed independently and not immediately related to other services. The phrase (separate procedure) appears at the end of the specific description of codes listed in the Current Procedural Terminology (CPT) code book. See also complete procedure to learn the difference between separate and complete. See also partial procedure .
Separation
(i) Dividing the exposures to loss among two or more locations instead of concentrating them at one location. (ii) Practice, now illegal, for companies that were members of certain associations to refuse to do business with an Agent whose companies were not members of the association.
Separation Procedure
A closing procedure operated in the Lloyd’s market whereby accounting details are submitted in stage one, leaving the Policy signing process to be carried out later in stage two.
Separation Rule
A rule that an Agent may have to represent only Insurers of a specified class if he is to represent any one Insurer of that class.
SEPTIC (Single Event Pollution Trigger Insurance Clause)
Clause reading ‘All pollution or contamination which arises out of one Event shall be deemed to have occurred on the date that the insured first becomes aware of the circumstances which have given or may give rise to Pollution or Contamination. The clause was intended to bring gradual pollution into public liability policies, but the restricted reinsurance market meant little take up. See POLLUTION CLAUSE.
Sequelae
Diseased conditions following, and usually resulting from, a previous disease.