Insurance Guaranty Fund
Annuity benefits?
$250,000
The association is liable for amounts for life insurance death benefits up to? Net cash surrender and withdrawal values?
$300,000 $100,000
The association has the power to do what?
-employ people to handle transactions -borrow money -enter contracts -take legal action to recover unpaid assessments -exercise powers of domestic life or disability insurer -negotiate contract with liquidator/rehab/supervisor
Mission of the association?
-guarantee pmt of benefits and continuation of coverage -given funds to carry out purpose -help commish detect and prevent insurer impairment
What are the requirements non MT residents must meet in order to be covered by the association?
-insurer that issued is domicile in MT -issuing insurers were never licensed in state of that resident -others states have associations like Montana but the insureds are not eligible for coverage by those associations
heath insurance benefits not defined above?
100,000
Disability insurance?
300,000
Long term care insurance?
300,000
Basic Hospital, medical, surgical or major medical insurance?
500k
2 classes of funds assessed by the insurer to carry out its powers and duties?
Class A for associations admin costs Class B carry out powers regarding impaired or insolvent insurers
Insolvent vs. Impaired insurer?
Insolvent-placed under an order of liquidation by a court Impaired-not insolvent placed under rehab or supervision
What is covered by the Association for MT residents?
MT residents that hold LI, Disability, or annuity contract issued by member insurers
What is the MT Life and Health Insurance Guaranty Association?
protects policyowners, insureds, beneficiaries from insurers that are unable to meet contract obligations
