When a retained asset account is established in the place of a cash settlement, an interest bearing account is created by the insurer for the beneficiary. The beneficiary receives a checkbook with which to draw upon funds in the new account.

When a retained asset account is established in the place of a cash settlement, an interest bearing account is created by the insurer for the beneficiary. The beneficiary receives a checkbook with which to draw upon funds in the new account.

The account holder can make:
A . Partial or total withdrawal of the account balance as needed and has total control over the account
B . Partial withdrawal of the account balance as needed and has total control over the account
C . Total withdrawal of the account balance as needed and has total control over the account
D . 25% withdrawal of the account balance as needed and has total control over the account.

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Answer: A