What must a Catastrophe Savings Account be labeled as in order to qualify?

In order to qualify for a Catastrophe Savings Account, it is essential that the account be specifically labeled as a "Catastrophe Savings Account." This designation is crucial because it ensures that the account meets the legal requirements set forth for such savings accounts, which are often established to help individuals prepare for and recover from covered catastrophic events such as natural disasters.

The specific labeling allows both the financial institutions and the account holders to recognize the account's purpose and the benefits associated with it, including potential tax advantages or eligibility for government assistance. Without the appropriate labeling, the account might not fulfill the intended regulatory requirements or provide the desired financial safeguards for those facing catastrophic situations. This specificity is what makes "Catastrophe Savings Account" the correct choice.