Sentences with phrase «guaranty associations exist»
Guaranty associations exist on a state level to back up the contract guarantees in annuity policies in the case that an insurance company is unable to do so.
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This means that all of the existing insurance coverage under the insolvent insurer including premium collectibles and claims are under the control and management of the state's guaranty association.
Even if this did happen, life insurance coverage will be provided through the Insurance Guaranty Association that exists in each state which ensures that claims will be paid subject to the state's coverage limits.