Business / Taxes / State Guaranty Funds: State guaranty funds, which are offered in every state, protect contract owners against the insolvency of an insurance company that has issued insurance contracts, including annuity contracts. However, each state’s laws set different limits on benefits and coverage. The guaranty funds are backed by an association of insurance companies, not the state or federal government. But all insurance companies in the state must belong and contribute to the fund in order to be licensed to sell their products. However, if you buy your contract from a highly rated company, its financial strength and reputation stand behind your contract. Rating services such as Standard & Poor's, Moody's, A.M. Best, and Fitch rank insurance companies on their overall financial condition, which underlies their ability to meet their obligations. You can request these reports from the insurance company. They are also available in public libraries, on the Internet, and from your financial adviser.
Funds Noun Synonyms: money, (hard) cash, ready money, assets, means, wealth, resources, wherewithal, savings, capital, nest egg, endowment, loot, lucre, pelf, green, bread, dough, ready, readies, lolly, bucks, scratch
State Noun Synonyms: governmental, government, national, federal
State Adjective Synonyms: condition(s), circumstance(s), situation, state of affairs, status, shape, position
Business / Real Estate / Reserve Funds: An expense category in the operating budget. Monies that are set aside for replacement expenditures not covered by insurance such as roof or furnace repairs. MORE
Business / Real Estate / Rental Statement: A summary of rental amounts paid and security deposits collected on a property used for rental purposes. MORE