Frequently Asked Questions

The following discussion provides general information about Life and Health Insurance Guaranty Association (“GA” or “Guarantee Association”) coverage. This information is based on the National Association of Insurance Commissioners (NAIC) Life and Health Insurance Guaranty Association Model Law (“NAIC Model Law”), which may not be identical in all respects to the laws of a certain state.

Coverage issues will be resolved by the applicable guaranty association in accordance with the terms of the insurance product and the applicable law in effect on the date the association agrees to provide coverage. therefore, you should contact your state’s warranty association if you have specific questions about coverage.

Reading: What is the purpose of the life and health insurance guaranty association

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section 1: general information

1. what happens when my insurance company closes?

2. what is a life and health insurance guarantee association?

3. who is eligible for guaranty association coverage?

4. Which guaranty association will provide coverage for my policy?

5. what if a person is not a resident of any country in the us? u? status?

6. If my company is out of business, why should I keep paying my premiums?

7. Who should I contact if I have questions about my policy or an old or lost insurance policy?

8. Are all types of insurance policies and annuities covered?

9. Are all covered policies fully covered?

10. how are coverage benefit levels applied?

11. Do guaranty association benefit levels cap the benefits I can receive for my policy?

12. Do the guarantee association coverage levels apply for life, regardless of the number of insolvencies, or do they apply per insolvent insurer?

13. if my state guaranty association is forced to cover my policy, how will it provide that coverage?

14. what happens if the benefits promised in my policy are greater than the coverage benefit levels provided by the guarantee association?

15. How will I know if my life or health insurance company has failed or is unable to meet its obligations to its policyholders?

16. what about property and casualty insurance?

    section 2: coverage of specific products

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    The following discussion provides general information about the warranty association coverage of certain products. This information is based on the NAIC model law and may not be identical in all respects to the law of a given state.

    Coverage for a particular insurance product will be determined by the applicable guaranty association based on the terms of the insurance product and the law in effect on the date the association agrees to provide coverage. therefore, you should contact your state guaranty association if you have specific questions about coverage.

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    1. individual fixed annuities

       1. what are individual fixed annuities?

       2. Are individual fixed annuities covered?

       3. indexed annuities

          1. what is an indexed annuity?

          2. Are indexed annuities covered?

          3. structured settlement annuities

             1. what are structured settlement annuities?

             2. Are structured settlement annuities covered?

             3. variable insurance products

                1. what are variable insurance products?

                2. Are variable insurance products covered?

                3. contingent deferred annuity

                   1. what is a contingent deferred annuity?

                   2. Are contingent deferred annuities covered?

                   3. joint annuities

                      1. what is a joint annuity?

                      2. how are joint annuities covered by a guaranty association?

                      3. group annuity contracts

                         1. what is a group annuity contract?

                         2. are group annuity contracts covered?

                         3. unallocated annuity contracts

                            1. what is an unallocated annuity contract?

                            2. Are unallocated annuity contracts covered?

                            3. retained asset accounts

                               1. what is a retained assets account?

                               2. are raa eligible for coverage?

                               3. long term care insurance

                                  1. what is long-term care insurance?

                                  2. Is long-term care insurance covered?