Arkansas Insurance Adjuster Practice Exam

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Guaranty Associations are funded by:

  1. the insurance commissioner

  2. the federal government

  3. insurers

  4. the state

The correct answer is: insurers

Guaranty Associations are funded by insurers, not the other options. State-appointed insurance commissioners oversee and regulate the Guaranty Associations, but they do not provide funding for them. The federal government is not responsible for funding Guaranty Associations, although it does play a role in overseeing and regulating them. Finally, while the state may play a role in some aspects of the Guaranty Associations, it is not responsible for funding them. Insurers are responsible for funding Guaranty Associations, which protect policyholders in the event of an insurance company's insolvency.

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