State RegulationsNC specificDifficulty 1/5
Under G.S. 58-62-21(d)(5), what is the maximum guaranty association protection per payee for a structured settlement annuity, including cash values?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Under G.S. 58-62-21(d)(5), structured settlement benefits are protected up to $1,000,000 per payee, or the payee's beneficiaries, including cash values. The dedicated cap acknowledges that structured settlement payees often depend on the scheduled payments for basic living expenses after settling a claim.
Why the other options are wrong
- A) $300,000 is the per-life aggregate for ordinary life policies, not the structured-settlement cap.
- B) $500,000 is the health benefit plan limit.
- C) $150,000 is a guaranty figure from other jurisdictions, not North Carolina law.
Memory hook
Structured settlements: a flat million per payee.