A. Covered policy types include life insurance, health insurance, and annuity contracts. The money comes from its members. It receives no tax money and has no other funding. A. The Ohio Department of Insurance can take various regulatory actions to preserve the company s financial strength. If a company cannot pay claims, it is unable to serve its primary purpose.
Liquidation is similar to bankruptcy.
The company is forced to go out of business, sell all its assets, and use the cash it collects to pay creditors and insureds. A. Maybe, but it depends on the kind of policy and the amount involved. No there are different limits for different kinds of policies. A. No because interest payments are not based on your contract. They are based on a discounted market rate at the time payments are made.