Hawaii Guaranty by Individual - Complex

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State:
Multi-State
Control #:
US-02520
Format:
Word; 
Rich Text
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Description

This form states that for valuable consideration, the guarantor contracts and agrees with the lender, that the guarantor will pay, absolutely and unconditionally, the debt of the borrower.
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FAQ

The health insurance protection for which the Guarantee Association may become liable shall be the contractual obligations for which the insurer is liable or would have been liable if it were not an insolvent insurer, up to a maximum benefit of $200,000.

The maximum total amount the Guarantee Association will provide for any one individual for life insurance and annuity coverage is $300,000, even if that individual is covered by multiple life insurance policies and annuities. Is my claim against the insolvent insurer affected by the Guarantee Association? Yes.

Yes. If your insurance company has been declared insolvent, covered claims will be paid by the guaranty association up the limits (cap) prescribed by state statutes and the applicable policy. Although there is no maximum for workers compensation claims, the maximum amount WAGA can pay on other claims is $300,000.

Most states provide the following amounts of coverage (or more), which are specified in the National Association of Insurance Commissioners' (NAIC) Life and Health Insurance Guaranty Association Model Law: $300,000 in life insurance death benefits. $100,000 in net cash surrender or withdrawal values for life insurance.

LIMITS ON AMOUNTS OF COVERAGE Also, for any one insured life, the Guaranty Association will pay a maximum of $300,000 in life and annuity benefits and $500,000 in health insurance benefits? no matter how many policies and contracts there were with the same company, even if they provided different types of coverages.

Most of these organizations are funded with the money they collect from conducting assessments of member insurers. The total payout in most states is capped at $300,000 per individual.

StateMax liability for present value of an annuity contractMax aggregate benefits for all lines of insuranceCalifornia80% not to exceed $250,00080% not to exceed $300,000Colorado$250,000$300,000Connecticut$500,000$500,000Delaware$250,000$300,00047 more rows

LIMITS ON AMOUNT OF COVERAGE Also, for any one insured life, the Guaranty Association will pay a maximum of $300,000 - no matter how many policies and contracts there were with the same company, even if they provided different types of coverages.

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Hawaii Guaranty by Individual - Complex