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Alabama Life & Disability Insurance Guaranty Association
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6 Office Park Circle, Suite 200 / Birmingham, AL 35223 |
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Frequently Asked Questions  |
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What products are not protected by ALDIGA?
The ALDIGA Act specifies that policies and contracts from non-licensed insurers are not covered. Beyond that, the ALDIGA Act excludes all of the following:
a) That portion or part of a variable life insurance contract or a variable annuity contract that is not guaranteed by a licensed insurer;
b) That portion or part of any policy or contract under which the risk is borne by the policyholder;
c) any policy or contract or part thereof assumed by the failed insurer under a contract of reinsurance, unless assumption certificates were issued;
d) any policy or contract issued by non-profit hospital and medical service plans, fraternal benefit societies, cooperative hospital associations, or health maintenance associations;
e) any policy, contract, or product not issued to a live human being. |
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| NOTE: This information is not intended as legal advice, and no liability is assumed in connection with its use. The applicable state guaranty association statute is the controlling authority, regardless of any information presented on this site. Users should seek advice from a qualified attorney and should not rely on this compilation when considering any questions relating to guaranty association coverage. |
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