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Failing insurers Every year, a number of insurers go into receivership, and state guaranty funds take them over and pay claims for pennies on the dollar. (Photo: Shutterstock)

This month I will be a panelist at a National Conference of Insurance Guaranty Funds Workshop in Ft. Lauderdale, Fla. I spoke once about guaranty funds about 25 years ago, but other than a brief mention in my textbooks, I’m no expert.

In television advertisements insurers, describe the wonderful things customers receive if they switch to another insurer — wonderful rates, excellent coverage, great service. Why, you’ll even get a new car for your old one if you wreck it, and they will forgive you for the accident (at least this time). It’s simply dazzling!

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