Retained Asset Services (ras)
Insurance company program in which the beneficiary of an insurance policy is encouraged to leave the death proceeds in an account on deposit with the insurance company instead of receiving a lump sum payment. If the beneficiary elects to participate in the RAS, a bank account is established in the beneficiary's name and the beneficiary will receive a personalized checkbook. The RAS provides the insurer with a vehicle to retain assets to invest as well as a means to cross-sell additional insurance products to the beneficiary.
Popular Insurance Terms
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Costs incurred by an insurance company other than agent commissions and taxes; that is, mainly the administrative expense of running a company. ...
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Statement showing the amount of money owed the agent by the insurance company, according to the contract he or she has with the insurance company. ...
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