What Does Payment Account Mean?

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What does Payment Account mean? Read on to discover the definition & meaning of the term Payment Account - to help you better understand the language used in insurance policies.

Payment Account

Payment Account

An account established by an insurer under a finite insurance program. Payment accounts are the opposite of experience accounts because they are used to hold funds specifically earmarked to pay losses. Funds are moved from the experience account into the payment account for this purpose.

We hope the you have a better understanding of the meaning of Payment Account.

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