Overview
What is Life & Health Insurance Guaranty Corporation?
Life & Health Insurance Guaranty Corporation, located in Aberdeen, Maryland, serves a crucial role as a safeguard for policyholders, owners, and beneficiaries. Established by legislation, the corporation is designed to fulfill contractual obligations when life and health insurers face financial instability or insolvency. It operates with a mission to provide protection from potential financial losses, ensuring that policyholders' benefits are not compromised. The corporation collects costs related to insolvency among licensed insurers, ensuring continuity of coverage and peace of mind for policyholders. With a small team of dedicated professionals, Life & Health Insurance Guaranty Corporation plays an essential role in maintaining the integrity of the insurance industry.
Official website here: www.mdlifega.org
Is Life & Health Insurance Guaranty Corporation legitimate?
Life & Health Insurance Guaranty Corporation is a legitimate nonprofit organization registered as a 501(c)(6) entity. Life & Health Insurance Guaranty Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $194,565
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.mdlifega.org
What is the mission statement of Life & Health Insurance Guaranty Corporation?
Life & Health Insurance Guaranty Corporation is established through legislation with a mission to fulfill contractual obligations to policyholders, owners, and beneficiaries of insolvent life and health insurers. In simpler terms, the corporation exists to protect individuals from financial loss due to the insolvency of insurance companies. It assesses and collects the necessary costs associated with such instances among licensed insurers, thereby ensuring that policyholders' claims are met even when their original insurance providers face financial instability.
Official website here: www.mdlifega.org
Who is the CEO of Life & Health Insurance Guaranty Corporation?
Elizabeth Hoffman is the Chairman of Life & Health Insurance Guaranty Corporation.
Official website here: www.mdlifega.org
What is the revenue of Life & Health Insurance Guaranty Corporation?
Life & Health Insurance Guaranty Corporation's revenue in 2022 was $460,100.
Official website here: www.mdlifega.org
Who are the executives of Life & Health Insurance Guaranty Corporation and what are their salaries?
The average compensation at Life & Health Insurance Guaranty Corporation during 2022 was $194,565. There is 1 employee and 13 volunteers at Life & Health Insurance Guaranty Corporation.
Here are 12 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $170,022
- Related: $0
- Other: $24,267
Official website here: www.mdlifega.org
Where can I find the form 990 for Life & Health Insurance Guaranty Corporation?
Life & Health Insurance Guaranty Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mdlifega.org
Learn more at the official website: www.mdlifega.org
Mission Statement of Life & Health Insurance Guaranty Corporation
Life & Health Insurance Guaranty Corporation, established through legislation, is dedicated to fulfilling the contractual obligations of financially struggling life and health insurers. This organization serves as a protective shield for policyholders, owners, and beneficiaries, ensuring they do not suffer financial losses due to insurer insolvency. Its primary objective is to provide protection and mitigate the financial consequences arising from the failure of insurance companies, while also assessing and collecting related costs among licensed insurers.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
Life & Health Insurance Guaranty Corporation plays a critical role in safeguarding policyholders from financial loss due to the insolvency of life and health insurance providers. By fulfilling the contractual obligations of insolvent insurers, it ensures that policyholders, owners, and beneficiaries continue to receive the benefits they were promised, even in times of economic distress. This organization collects assessments from licensed insurers to fund these obligations, thereby providing a safety net for individuals who are reliant on their insurance coverage for protection against unforeseen events. Its mission is essential for maintaining public trust in the insurance system, contributing to the overall stability of the insurance market, and ensuring that consumers are not left idly fearing the collapse of their insurance providers. The presence of the Guaranty Corporation enhances confidence among policyholders, knowing they have recourse and protection in the event of insurer insolvency.
This information is meant to be a general summary of Life & Health Insurance Guaranty Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $31,927
- Program Service Revenue: $412,212
- Gross Receipts: $460,100
Assets and Liabilities:
- Total Assets: $3,492,758
- Total Liabilities: $0
- Net Assets: $3,492,758
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DUES & ASSESSMENTS
Revenue
$399,500
PREMIUMS COLLECTED
Revenue
$7,598
LIQUIDATION PAYOUT
Revenue
$5,114
Organization Details
Founding Year
1971
Phone
(410) 248-0407Principal Officer
Elizabeth Hoffman
Main Address
6210 GUARDIAN GATEWAY APG SUITE 19, ABERDEEN, MD, 21005
Website
www.mdlifega.orgNTEE Category
Code: Y20 - Mutual benefit
If you are a representative of Life & Health Insurance Guaranty Corporation and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.