Definition: In insurance, an insurance guaranty association is a group that owns or manages certain types of insurance policies (e.g., life, health, auto, property) by agreeing to indemnify the owners or managers of these policies against losses. These associations often provide financial protection through the payment of premiums to cover losses that may be incurred in their management or ownership of those policies. The association's liability for such losses is limited, and if there are no adequate claims made against the policy owners, the association must pay the claim.
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