What is the maximum amount payable by the Connecticut Insurance Guaranty Association per claimant?

The maximum amount payable by the Connecticut Insurance Guaranty Association per claimant is set at $300,000 for covered claims. This limit reflects the commitment of the Guaranty Association to provide protection to policyholders and claimants when an insurance company becomes insolvent. By establishing a cap on payouts, the Association aims to ensure a balance between protecting consumers and maintaining the financial viability of insurance markets within the state.

The payout limit of $300,000 is specifically designed to cover various types of claims, which may include property damage and other insured losses. This amount helps to ensure that individuals who are owed compensation from an insolvent insurer can receive a portion of what they are entitled to, thus providing a safety net for consumers who might otherwise face significant financial difficulties.

The other options suggest different amounts for specific types of claims or all claims combined that do not accurately reflect the limits established by Connecticut insurance laws. The focus on a single figure for covered claims underscores the importance of understanding the protections offered by the Guaranty Association, while clarifying that no greater monetary amount applies per claimant in other specified circumstances.