Separate account

{
  "id": "MLC-T-INS-003060",
  "term": "Separate account",
  "field": "Insurance and risk management",
  "definition": "An investment account kept by a life insurer apart from its general account to hold assets that back variable annuities, variable life and similar contracts. Legally the insurer owns the assets, but they are held for the exclusive benefit of the contract holders, who bear the investment gains and losses, and they are generally shielded from the insurer's other creditors. The account's value moves with the performance of the underlying investments.",
  "url": "https://mlchart.com/terminology/insurance/separate-account/"
}