Retained Asset Services (ras)
Definition of "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
Stated fixed payment for maternity costs regardless of the actual costs. ...
Property valued according to its earnings potential. However, property insurance contracts generally indemnify an insured on a replacement cost less physical depreciation and obsolescence ...
Risk distribution included by type of coverage, by kind of risk, and by geographical location. ...
Maximum limit of liability of an insurance company for a particular claim or kind of loss that is applicable in general to all such claims or losses. This maximum limit of liability is ...
Means of borrowing at no charge by a policyowner under universal life insurance policies. ...
Coverage underwritten on members of a natural group, such as employees of a particular business, union, association, or employer group. Each employee is entitled to benefits for hospital ...
Statistic indicating the degree of dispersion in a set of outcomes, computed as the arithmetic mean of the differences between each outcome and the average of all outcomes in the set. ...
Coverage for exposures that exhibit a possibility of financial loss. ...
Type of individual retirement account (IRA) allowed by the employees retirement income security act of 1974 (erisa) in which contributions are paid into a custodial account sponsored by a ...
Have a question or comment?
We're here to help.