What must a person recovering under the Guaranty Association do regarding their rights?

A person recovering under the Guaranty Association must assign their rights under the policy to the association. This requirement is in place to ensure that the association can step into the shoes of the insured and pursue any claims against third parties that may be responsible for the loss. It allows the Guaranty Association to recover costs from other parties, which is essential for maintaining the financial stability of the association and ensuring it can continue to provide benefits to other insureds in similar positions.

Other options do not reflect the correct administrative and legal relationship established by the Guaranty Association. For instance, waiving rights to additional claims might jeopardize the claimant's ability to seek any remaining benefits they have under the policy. Defending the association in legal matters is not within the typical responsibilities of a claimant and does not align with the process of making a claim through the association. Collecting from all other possible sources first could contradict the straightforward recovery process and responsibilities outlined in the statutes governing the Guaranty Association.