Final answer:
The Indiana Life and Health Insurance Guaranty Association provides protection and coverage for policyholders in the event that their insurance company becomes insolvent.
Step-by-step explanation:
The Indiana Life and Health Insurance Guaranty Association provides protection and coverage for policyholders in the event that their insurance company becomes insolvent and is unable to fulfill their claims.
Specifically, the association provides coverage for life insurance, health insurance, annuities, and long-term care insurance.
It ensures that policyholders receive a portion of their benefits, up to certain limits, even if their insurance company fails.
This association is a safety net for insurance policyholders and helps maintain consumer confidence in the insurance industry. It is important to note that the Indiana Life and Health Insurance Guaranty Association does not provide new insurance policies or financial advice, but rather acts as a safety net for existing policyholders.