Question 1

What is the Alaska Life & Health Insurance Guaranty Association?

Accepted Answer

The Alaska Life & Health Insurance Guaranty Association is an organization that protects resident policyholders in the event of an insurance company insolvency. It helps ensure that Alaska policyholders receive the coverage they need when they need it the most.

Question 2

What is the purpose of the Guaranty Association?

Accepted Answer

The purpose of the Guaranty Association is to provide a safety net for Alaska policyholders in the event that their insurance company becomes insolvent. It ensures that policyholders continue to receive the benefits they are entitled to under their policies.

Question 3

How does the Guaranty Association protect policyholders?

Accepted Answer

The Guaranty Association protects policyholders by covering certain policy obligations, such as life insurance death benefits, annuity payouts, and health insurance claims, up to the limits set by state law. This ensures that policyholders can continue to rely on their insurance coverage even if their insurance company becomes insolvent.

Question 4

What is a "class A assessment"?

Accepted Answer

A "class A assessment" is a fee that the Guaranty Association may need to impose on insurance companies operating in Alaska to help cover the costs of protecting policyholders in the event of an insolvency. The Guaranty Association's board of governors decides whether a class A assessment is necessary based on the financial situation and needs of the organization.

Question 5

When will the next class A assessment be called?

Accepted Answer

According to the announcement on the Guaranty Association's website, the board of governors did not authorize any class A assessment to be called in

Right Choice Insurance AK

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About Right Choice Insurance AK

Frequently Asked Questions about Right Choice Insurance AK

What is the Alaska Life & Health Insurance Guaranty Association?

What is the purpose of the Guaranty Association?

How does the Guaranty Association protect policyholders?

What is a "class A assessment"?

When will the next class A assessment be called?

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