Pennsylvania Specific Guaranty
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How to fill out Specific Guaranty?
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FAQ
Generally, individuals will be protected by the Pennsylvania Life and Health Insurance Guaranty Association if they live in this state and hold a life or health insurance contract, or an annuity, or if they hold certificates under a group life or health insurance contract or annuity, issued by a member insurer.
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.
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.
The Pennsylvania Life & Health Insurance Guaranty Association was created by the Pennsylvania legislature in 1978 to protect state residents who are policyholders and beneficiaries of policies issued by an insolvent insurance company, up to specified limits.
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.
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.
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