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Terms in this set (2)Georgia Life and Health Insurance Guaranty Association -nonprofit, unincorporated association that protects policyowners, insureds, and beneficiaries of life, health, annuities, and supplemental contracts issued by member insurers who become insolvent or are unable to perform their contractual
obligations Coverage from the GLHIGA -w/ respect to any one contract holder covered by an unallocated annuity contract, the Association will be liable for no more than $5M in benefits
(regardless of # of contracts) Students also viewedGEORGIA LAWS AND RULES63 terms RachelleVillacorta1 Georgia Laws and Rules94 terms marcello_rodgers Chapter Exam: Georgia Laws and Rules40 terms Nardos_Mekuriaw Ch. 8 Georgia State Laws43 terms sierraleonee15
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Terms in this set (9)All of the following statements about mutual insurance companies are correct EXCEPT b. When a whole life policy is surrendered for its nonforfeiture value, what is the automatic option? b. All of the following are abilities of the New Jersey Life and Health Guaranty Association in the
event of insurer insolvency EXCEPT b. An agent who knowingly misrepresents material information for the purpose of inducing an insured to lapsed, forfeit, change or surrender a life insurance
policy or annuity has committed an illegal practice known as b. An insurance agent visits a potential client and explains various types of policies. The customer displays a lack of interest, so the agent guarantees higher dividends than he knows would be possible. Which term describes what the agent has done? a. What does the state Life and Health Insurance Guaranty Association guard against? d. Under which of the following conditions would life insurance proceeds be taxable by the federal
government? b. In a variable life insurance policy, all of the following assets are held in the insurance company's general account EXCEPT d. Which of the following best describes a rebate? b. Students also viewedtest123 terms waad_yousi Life Insurance Exam questions IDAHO78 terms isaimd guarantee exam48 terms jennyyy_ann Insurance Regulation51 terms felicianguyen Sets found in the same folderGuarantee Exam Corrections40 terms kyle_osting Casualty Guarantee Exam25 terms XiuqiCai Insurance Chapter 4 Questions64 terms whatisbtzn Practice round 117 terms Snodzak Other sets by this creatorA&P Exam 375 terms jazmin_rojas A&P Exam 283 terms jazmin_rojas A&P Exam 185 terms jazmin_rojas Life Insurance Exam #283 terms jazmin_rojas Other Quizlet setsBio test 350 terms brendanhiggins Epithelial tissue25 terms Denasia621 Audit Ch 1167 terms pvb1832 Honors English two test study guide90 terms sagegiambone What is the purpose of an insurance Guaranty Association?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.
What is the purpose of the California life and health Guaranty Association quizlet?What is the purpose of insurance guaranty associations? To protect policyowners, insureds, and beneficiaries from financial losses caused by insolvent insurers.
What comprises the life and health insurance Guaranty Association?What is a life and health insurance guaranty association? Life and health insurance guaranty associations were created to protect state residents who are policyholders and beneficiaries of policies issued by a life or health insurance company that has gone out of business.
What is the function of the states guarantee funds?A state guaranty fund is administered by a U.S. state to protect policyholders in the event that an insurance company defaults on benefit payments or becomes insolvent. The fund only protects beneficiaries of insurance companies that are licensed to sell insurance products in that state.
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What does the state life and health insurance Guaranty Association guard against quizlet?
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