General Account
Categories: Insurance
You just bought a new insurance policy for your car. As you sign the papers, you agree to pay a monthly premium. Each month, that payment gets taken from your general account and put into the insurance company’s general account.
So yeah...your checking account is a prime example of a general account. Funds get deposited into your account, then you use those funds to pay for gas, foods, savings, etc. You know...general stuff.