Full text and statutory guidelines for the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
Alaska Post Assessment Property and Liability Insurance Guaranty Association Model Act
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FAQ
$100,000 in net cash surrender or withdrawal values for life insurance. $300,000 in disability income (DI) insurance benefits. $300,000 in long-term care (LTC) insurance benefits.
The maximum amount of protection for each individual, regardless of the number of policies or contracts, is $300,000. Special rules may apply with regard to hospital, medical, and surgical insurance benefits.
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.
The maximum amount of protection for each individual, regardless of the number of policies or contracts, is $300,000. Special rules may apply with regard to hospital, medical and surgical insurance benefits. Note: Certain policies and contracts may not be covered or fully covered.
Once an insurer has been declared insolvent, the insurance department determines the value of the company's remaining assets. It then calculates the amount of money the guaranty association will need to pay claims. This amount is assessed by insurers.
The guaranty association's coverage of insurance company insolvencies is funded by post-insolvency assessments of the other guaranty association member companies. These assessments are based on each member's share of premium during the prior three years.
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.
Present value of annuity benefits including net cash surrender and net cash withdrawal values: 80% of the present value up to a maximum of $250,000.