Finding and claiming lost life insurance policies can be done using various methods. A State’s Missing Property Office may have some funds from unclaimed policies. However, there are no central depositories (federal or state) for these assets. A missing insurance policy is sometimes a problem confronted by legal heirs and beneficiaries who don’t know the company’s name in order to locate the policy.
Demutualization may be another source of unclaimed funds from life insurance policies. This is a corporate reorganization that converts policyholders into owners of stocks of the insurance company gone public. The conversion is done under the supervision and approval of regulators. Policyholders and heirs are entitled to shares of the newly issued stocks or to some other type of compensation.
Lost Life Insurance Policies: Locating Insurance Companies
The National Association of Insurance Commissioners, NAIC, maintains a database with links to each state’s insurance department. Each state’s department in turn has information on life insurance companies that have underwritten polices there. To use this service an heir searching for a lost insurance policy must know which company (or use a narrowed list of companies) insured the policyholder.
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