Illinois Life & Health Insurance
The Illinois Life and Health Insurance Guaranty Association is a non-profit organization established under Illinois law to provide essential protections for residents holding life, health, and annuity policies. This association serves as a safety net for policyholders in case of insolvencies among insurance companies, offering services such as claims payment, policy coverage continuation, and policy transfers.
By ensuring that Illinois residents are safeguarded against potential losses from insurance company failures, the Guaranty Association plays a crucial role in maintaining the stability and trust within the insurance industry. The protection provided is governed by specific statutes, affirming the authority and responsibilities of the organization in safeguarding policyholder interests.
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