The manmade and natural disasters of the past several years have brought new meaning to the catch phrase "safety net."
The summer of 2006 gave us a significant education in Property and Casualty Guaranty Funds 101 with the insolvency of three related property and casualty insurers. Following the hurricane activity of 2004 and 2005, Florida homeowners naturally turned to their insurance carriers for help rebuilding their homes and their lives. Unfortunately, during this time of intense activity one of the larger providers of those benefits became insolvent. With that, the Florida Insurance Guaranty Association suddenly became a major part of many residents' daily lives.
On the life and health side, the financial meltdown of last fall left consumers questioning the stability of companies once considered rock solid. Would annuities continue to pay out? Would policies be cancelled? What recourse was available?
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