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Life Insurance Company Guaranty Corporation of New York
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Frequently Asked Questions  |
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Are all policies fully protected?
Not always. If your insurance company fails, the maximum amount of protection provided by the guaranty corporation for all policy types in the aggregate, no matter how many policies of the same or different types you bought from your company, is $500,000 per life. This aggregate limit applies to life insurance death benefits, life insurance cash surrender values, individual health insurance claims, individual annuity benefits, and allocated group annuity benefits. The limit for unallocated group annuity and funding agreement benefits is $1,000,000 per contract. No limit applies to group health insurance benefits. Please note that the guaranty corporation only provides coverage for policies issued by life insurance companies licensed by the State of New York. |
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| NOTE: This information is not intended as legal advice, and no liability is assumed in connection with its use. The applicable state guaranty association statute is the controlling authority, regardless of any information presented on this site. Users should seek advice from a qualified attorney and should not rely on this compilation when considering any questions relating to guaranty association coverage. |
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