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What happens if I have a brokerage account at a firm that goes bankrupt...
Money invested in a variable-rate annuity goes into mutual-fund-like sub-accounts, which are walled off from the general account the insurer uses for its other obligations. It's like having a set of mutual funds at a broker: SEC regulations apply, and AIG's creditors can't tap those assets...
Claims on these policies get paid from the firm's general account--the place your premiums go. As long as the company is solvent, things work normally. But let's assume a worst-case scenario: a state regulator steps in, can't get the firm back on track and decides to liquidate. As a policyholder, you're in line ahead of creditors. If the insurer is in real trouble and can no longer pay claims, then the state's guarantee fund kicks in. It varies from state to state, but generally you have at least $300,000 worth of total...
...genre they founded has lived on, and each decade has given it a different period savor. The 1990s produced slacker crack-ups like Girl, Interrupted and Prozac Nation. Now, in the 2000s, we have Hurry Down Sunshine (Other Press; 234 pages), Michael Greenberg's account of his daughter Sally's psychotic break, which she experienced at the tragically precocious...
Since late July, growing numbers of Facebook users have logged into their accounts and found profiles that they haven’t recognized. The confusion was not the work of identity thieves, but Facebook’s own developers, who unveiled a major redesign to the site. According to its creators, “New Facebook” was designed to make the users experience easier, but for the biggest fans of what is now “Old Facebook,” the change is another one of the social networking Web site’s recent mistakes. Isidore...