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Summit National Life Assets and Liabilities

Summit National Life Insurance Company
Estimated Net Assets Available and
Estimated Liabilities
As of 12/31/05
Estimated Net Assets Available
Includes early access distributions to Guaranty
Associations of $74,907,959 and partial distributions
to uncovered claimants of $9,342,467
$ 126,169,182
Estimated Liabilities
Priority Class See Footnote 1
A 17,830,806
Less:
Liquidation Expenses Paid
(15,927,306)
B 127,454,020
C
D
E 1,184,732
F
G
H
I
Known but unevaluated claims
Total Estimated Remaining Unpaid Liabilities $
130,542,252
Estimated Surplus (Deficit) $ (13,734,045)


The Financial Statement Disclosure is an integral part of this statement. It is necessary to read the disclosure to fully understand the statements.

Footnotes:
1 Priority Classes
The order of distribution of claims from the insurer's estate is set forth in detail in Article V of the Insurance Department Act of 1921 at 40 P.S. 22144. Briefly the classes are:
A Administrative expenses
B Claims for policy benefits
C Federal government claims
D Certain employee claims
E General creditor claims
F Stateand local government claims
G Late filed claims
H Surplus or contribution note claims
I Shareholder/owner claims.
2 Priority Class A - Administrative Expenses
Administrative expenses include both the Guaranty Associations expenses related to administering the claims of the companies in liquidation and the Liquidators expenses. As shown, the Liquidators expenses have been bracketed to indicate they have been paid and the net assets available were reduced by that amount. The net difference in this priority class, if any, represents administrative expenses incurred by the Guaranty Associations.