Re: What if your insurance company goes bankrupt?

Subject: Re: Re: What if your insurance company goes bankrupt?

Comments:
: Almost every state has a "guaranty association" or "guaranty fund" that handles insurance bankruptcies much like the FDIC handles bank failures. Guaranty funds pay your claims up to a certain limit if your insurer becomes insolvent. In most states, the maximum aggregate benefit for all claims is $300,000 for home, auto and life insurance policies. That level of coverage will generally cover the average consumer's insurance claim. In most cases, you are not burdened with paperwork if your insurer has gone bust. : Guaranty funds will pay your claim up to a certain limit if your insurer becomes insolvent. : You don't have to do anything to be protected. You don't have to apply for protection. You would get it automatically. : Agent : : : What if my insurance company goes bankrupt?

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