Missouri Specific Guaranty

State:
Multi-State
Control #:
US-1340743BG
Format:
Word; 
Rich Text
Instant download

Description

A guarantee which is given for only one transaction or debt, the guarantee is known as a Specific Guarantee. A specific guarantee is said to be discharged when the debt is repaid or the promise is performed.
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FAQ

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.

A guaranty fund is established by law in every state. Guaranty funds are maintained by a state's insurance commissioner to protect policyholders in the event that an insurer becomes insolvent or is unable to meet its financial obligations.

NOTICE OF PROTECTION PROVIDED BY. LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION. This notice provides a brief summary of the Life and Health Insurance Guaranty Association (Association) and the protection it provides for policyholders.

What is an insurance guaranty association? Insurance guaranty associations provide protection to insurance policyholders and beneficiaries of policies issued by an insurance company that has become insolvent and is no longer able to meet its obligations.

MISSOURI LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION The Association was established to provide protection in the unlikely event that your life, annuity, or health insurance company becomes financially unable to meet its obligations and is taken over by its insurance department.

Insurance companies are required by law to be members of the guaranty association in states in which they are licensed to do business. Most states have two types of guaranty associations: a life and health guaranty association and a property and casualty insurance guaranty association.

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.

An insurance guaranty association protects policyholders and claimants in case of an insurance company's impairment or insolvency. The state insurance commissioner gives insurance guaranty associations their powers.

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Missouri Specific Guaranty