Maine Specific Guaranty
Description
How to fill out Specific Guaranty?
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FAQ
State guaranty funds guarantee payment for insurance policyholders should the insurance company default. The fund only covers beneficiaries of insurance companies where the insurer is licensed to sell products in that state.
Generally, the Maine Insurance Guaranty Association responds in the case of insolvencies of insurers writing Maine property and casualty insurance business while the Maine Life and Health Insurance Guaranty Association responds to insolvencies of insurers having Maine life or health insurance or annuity business.
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.
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
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.
Protections and Limits on Protection The Guaranty Fund provides up to $500,000 of coverage to a life insurance policy owner, individual annuity (such as a single premium deferred annuity) contract holder or individual accident and health insurance policyholder, or any beneficiary, assignee, or payee of the foregoing.
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.
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.