Illinois Guaranty by Individual - Complex
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How to fill out Guaranty By Individual - Complex?
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FAQ
In Illinois, a guaranty is simply a contract where a guarantor promises to pay the debts of a ?principal? (the main debtor) to a third party creditor. A guaranty is construed like any other contract and a guarantor is given the benefit of any doubts that may arise from the language of a guaranty.
The Illinois Life and Health Insurance Guaranty Association was established to provide protection in the event that your life, annuity or health insurance company becomes financially unable to meet its obligations and is taken over by its Insurance Department.
It was created by Illinois law to provide certain protections for Illinois policyholders against certain insurance company insolvencies. To provide this protection, the Illinois GA may pay claims, continue policy coverage, transfer policies to another insurance company or take other actions authorized by law.
When an insurance company fails, a guaranty association is an entity which steps into the shoes of the failed insurer for the purpose of providing certain continued benefits and/or resolution of covered claims. However, not all types of insurance policies or claims are covered by guaranty associations.
The Illinois Insurance Guaranty Fund (IIGF) is a non-profit organization created by statute in July 1971. We were created to act as the ?safety net? for Illinois property and casualty insurance companies and their policyholders.
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.
For purposes of administration and assessment, the Association must maintain 2 accounts: (1) The life insurance and annuity account, which includes the following subaccounts: (a) Life Insurance Account; (b) Annuity account, which shall include annuity contracts owned by a governmental retirement plan (or its trustee) ...
What protections are provided by the Association? *The maximum amount of protection for each individual, regardless of the number of policies or contracts, is $300,000, except special rules apply with regard to health benefit plan benefits for which the maximum amount of protection is $500,000.