What is the purpose of the Ohio life and health insurance Guaranty Association?
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What is the purpose of the Ohio life and health insurance guaranty association quizlet?The purpose of the Insurance Guaranty Association is to protect policyholders when an insurance company becomes insolvent. Benefits paid to claimants and policyholders are subject to limits.
What does the guaranty association protect against?An insurance guaranty association protects policyholders and claimants in the event of an insurance company's impairment or insolvency. Insurance guaranty associations are given their powers by the state insurance commissioner.
What is the purpose of the insurance guaranty?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.
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