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Document Preview Guarantee Agreement |
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Title: |
Guarantee Agreement |
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Entities: |
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Date: |
2006 |
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Size: |
Preview shows 2KB of 7KB total |
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Price: |
$32 |
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ID: |
#2612196 |
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GUARANTEE AGREEMENT
General American Life Insurance Company ("General American"), by resolution of
its Board of Directors, proposes to guarantee that Cova Financial Services Life
Insurance Company, Cova Financial Life Insurance Company, First Cova Life
Insurance Company, (the "Subsidiaries" or a "Subsidiary") will have sufficient
funds to meet all of their contractual obligations. In order to give full effect
to this guarantee the parties hereto agree as follows
1) The General American guarantee is a guarantee of payment. In the event a
policyholder of one of the Subsidiaries presents a legitimate claim for
payment under a Subsidiary insurance policy General American promises to
pay such a claim directly to the policyholder if the Subsidiary is unable
to make such payment.
2) General American guarantees payment of the Subsidiaries' contractual
obligations even if the reason a Subsidiary is not liable to pay them is
insolvency, bankruptcy, assignment for the benefit of creditors,
appointment of receiver, or any court order or legal process affecting the
Subsidiary's ability to honor its obligations to policyholders.
3) The General American guarantee is explicitly for the benefit of
Subsidiary policyholders and shall be directly enforceable by them without
a requirement, if a Subsidiary is unable to pay claims on its policies,
that the party seeking to enforce the guarantee first file a claim with the
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