National Organization of Life and Health Insurance Guaranty Associations (NOLHGA)

Definition

A voluntary organization, which is part of the life and health insurance guaranty associations in all 50 states of the United States. It pays money to claimant whose insurance company have not been able to pay them. NOLHGA was founded in 1983 with the aim of protecting policy holder from the effect of life and health insurance company insolvency. The fund used by NOLHGA to settle a claimant is generated from the contributions of various insurers in a particular state where the failed insurer resided.
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