National Organization Of Life And Health Insurance Guaranty Associations - NOLHGA


DEFINITION of 'National Organization Of Life And Health Insurance Guaranty Associations - NOLHGA'

NOLHGA is a voluntary organization of U.S. life- and health-insurance guaranty associations. Founded in 1983, it covers policyholders when a multistate life- or health-insurance company fails.

BREAKING DOWN 'National Organization Of Life And Health Insurance Guaranty Associations - NOLHGA'

NOLHGA pays policyholders' claims when an insolvent insurance company is unable to. It raises the needed funds from other insurance companies doing business in the states where the failed insurer was doing business. Each insurance company pays a special assessment in proportion to the amount of premiums it collects in that state.

  1. Life Insurance

    A protection against the loss of income that would result if ...
  2. Health Insurance

    A type of insurance coverage that pays for medical and surgical ...
  3. State Guaranty Fund

    A fund administered by a U.S. state to protect policy holders ...
  4. Premium

    1. The total cost of an option. 2. The difference between the ...
  5. Insurance

    A contract (policy) in which an individual or entity receives ...
  6. Crowding Out Effect

    An economic theory stipulating that rises in public sector spending ...
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