by Guest » Mon Feb 01, 2010 12:42 pm
I had applied for a life policy with a new agent. I'm scared as to how I'd stand if this carrier ever goes bankrupt. Has it ever happened in the past? what do I do? I was thinking of getting another policy as a back-up plan.
Posted: Sun Dec 11, 2011 04:23 am Post Subject:
I have posted stuff repeatedly. You won't accept it. Fine. Another impasse. But you have the ability to get the answers with what I've given you above. Do it or not, it's not my responsibility to spoonfeed you. I'm not your mama.
Posted: Sun Dec 11, 2011 04:55 am Post Subject:
Max, you aren't my momma, just my sister's caterer.
This isn't an impasse. It is you posting annuity information when the subject is life insurance death benefits.
I'm not trying to win this argument. I'd be happy to be wrong. If you have information that talks about life insurance death benefits that haven't been paid, please post. I can't find anything.
Posted: Mon Dec 12, 2011 02:30 am Post Subject:
If you have information that talks about life insurance death benefits that haven't been paid, please post
I am so sorry your teachers in elementary school failed to teach you to read.
Even though the memo talks about structured settlement annuities, the concept is exactly the same for life insurance. When the Guarantee Association is "activated" it is because the insurer is insolvent and there is not enough cash, reinsurance, or other assets to pay claims or policyholder values 100%. To be equitable to all policyholders in that circumstance, each state established the maximum value the Guarantee Association is liable for. NY is $500,000 for death benefits, CA was raised to $300,000 in Sept 2010 (still limited to 80% of death benefit). Most states are at about $300,000 today.
But that's what the beneficiary of someone who dies AFTER the insurer is declared insolvent will receive. They may stand in line with other general creditors and make a claim against the "estate" of the failed insurance company for any balance not paid by the Guarantee Association. Most people don't do that, and even those who do, generally get little or nothing in the final liquidation settlement.
That means some people LOSE MONEY when an insurer becomes insolvent.
But, again, if YOU were to call any of the Guarantee Associations and simply ask your question of them, as I have, you will get the answer you are seeking, and you can keep it to yourself or post it here.
I really don't care anymore. This is not about "winning" or "losing", it's about a basic failure on your part to understand (or deliberately NOT wanting to understand) what the whole subject is about.
Don't be offended if I don't respond to any of your future posts in this thread.
I can't find anything.
As I said, it's because you refuse to look in the right places for the answer.
Posted: Mon Dec 12, 2011 06:27 am Post Subject:
Except Max, we aren't talking about concepts. With Executive Life, their SSAs were taken over by Guarantee Associations. Their life policies were not taken over by Guarantee Associations.
The reason that you will stop responding is because you always stop responding when you are incorrect. The difference this time is that I'm not positive that I'm correct which is why have been trying for years to find something indicating that I'm incorrect and still can't find anything.
The closest that I get is when people like you point to things that don't have anything to do with life insurance death benefits.
Like I said, I have spoken to Guaranty Associations and they have not been able to point me to any situations of death claims not being paid 100%.
I'm not convinced that I'm right which is why I'm pushing this subject.
What company has had death claims not paid 100%?
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