State RegulationsOH specificDifficulty 1/5
What is the maximum total amount the Ohio Life and Health Insurance Guaranty Association is obligated to expend for a single individual across the covered benefit categories, before any exception?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
ORC 3956.04(D)(2)(d) caps the association's aggregate liability at $300,000 for a single individual across the covered benefit categories. The one exception is health benefit plan coverage, for which the association may expend up to $500,000. Even if a person holds several policies with combined limits above the cap, the association's total obligation stays at $300,000.
Why the other options are wrong
- B) $100,000 caps net cash surrender and net cash withdrawal values for life insurance; it is not the across-the-board aggregate.
- C) $250,000 is the present-value limit for annuity benefits.
- D) $500,000 is the exception for health benefit plan coverage, not the general aggregate cap.
Memory hook
Per person, $300K all-in; only health benefit plans get the $500K exception.