(2)__The following limits for health insurance benefits:

(a) Three hundred thousand dollars for coverages not defined as disability insurance or basic hospital, medical and surgical insurance or major medical insurance, including any net cash surrender and net cash withdrawal values;

(b)__Three hundred thousand dollars for disability and long-term care insurance; or

(c)__Five hundred thousand dollars for basic hospital, medical and surgical insurance or major medical insurance; or

(3)__One hundred thousand dollars in the present value of annuity benefits, including net cash surrender and net cash withdrawal values; or

C.__With respect to each payee of a structured settlement annuity, or beneficiary or beneficiaries of the payee if deceased, $100,000 in present value annuity benefits, in the aggregate, including net cash surrender and net cash withdrawal values.

4.__Maximum obligation in benefits.__Notwithstanding subsection 3, the association is not in any event obligated to cover more than:

A.__An aggregate of $300,000 in benefits with respect to any one life under subsection 3,__paragraph B except with respect to benefits for basic hospital, medical and surgical insurance and major medical insurance under subsection 3, paragraph B, subparagraph (2), in which case the aggregate liability of the association may not exceed $500,000 with respect to any one individual; or

B.__Five million dollars in benefits, regardless of the number of policies and contracts held by the owner, with respect to one owner of multiple nongroup policies of life insurance, whether the policy owner is an individual, firm, corporation or other person, and whether the persons insured are officers, managers, employees or other persons.

5.__Subrogation and assignment rights.__The limitations set forth in subsections 3 and 4 are limitations on the benefits for which the association is obligated before taking into account