Separate Account
(1) An investment company (usually a unit investment trust) registered with the SEC that owns and holds assets for the benefit of participants in variable contracts. Because of the investment risk, insurers are required to keep their variable contract portfolios separate from their fixed investment portfolios. (2) An account established or maintained by an insurer 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 insurer. Separate accounts are used to fund variable contracts and provide the participant with a hedge against inflation.
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