What is the purpose of the Nevada Life and Health Insurance Guaranty Association?
The purpose of the Association is to assure that policyholders will be protected, within limits, in the unlikely event that a member insurer becomes financially unable to meet its obligations and becomes insolvent.
What is the purpose of a guaranty association?
What is an insurance guaranty association? Insurance guaranty associations provide protection to insurance policyholders and beneficiaries of policies issued by an insurance company that has become insolvent and is no longer able to meet its obligations.
What is the maximum amount that the Nevada Life & Health Insurance Guaranty Association may be obligated to pay with respect to disability insurance for 1 life?
With respect to health insurance for any one natural person, the Association will not pay more than: 1) $100,000 for coverage other than disability insurance, basic hospital, medical and surgical insurance or major medical insurance, including any net cash for surrender or withdrawal; 2) $300,000 for disability …
What is the power of the guaranty association?
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.
Which of the following criminal activities would be sufficient violation to warrant rejection revocation or suspension of an insurance producer’s license?
Which of the following criminal activities would be sufficient violation to warrant rejection, revocation, or suspension of an insurance producer’s license? Misrepresentation.
Who must be a member of insurance Guaranty Association?
All 50 states, the District of Columbia, and Puerto Rico have a life and health insurance guaranty association. All insurance companies (with limited exceptions) licensed to write life and health insurance or annuities in a state are required to be members of the state’s life and health insurance guaranty association.
At what percent is the present value of annuity benefits covered by the guaranty association?
Present value of annuity benefits including net cash surrender and net cash withdrawal values: 80% of the present value up to a maximum of $250,000.
How often must an insurer submit reports to California insurance Commissioner concerning each Care’s long term care insurance replacement and lapse records?
(b) Every insurer shall report annually by June 30, the 10 percent of its agents in the state with the greatest percentage of lapses and replacements as measured by subdivision (a).
What is a guaranty association notice?
LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION. This notice provides a brief summary of the Life and Health Insurance Guaranty Association (Association) and the protection it provides for policyholders. This safety net was created under law, which determines who and what is covered and the amounts of coverage.
Which of the following is a standard provision of the conversion?
Which of the following is a standard provision of the conversion privileges in a Group Life policy? (Correct.) Conversion at regular rates on an attained-age basis without a medical exam is a standard provision for conversion privileges in Group Life policies.
Which type of misrepresentation persuades an insured?
Twisting is a misrepresentation that persuades an insured or a policyowner, to his or her detriment, to cancel, lapse, or switch policies.
