Insurance Policy

Posted: Thu Sep 11, 2008 08:22 am Post Subject:

Right you're!
The MIB database depicts all life policies that were obtained within the past 12 years. As a collection of records it is good. But I've seen how the searches would match - its probably 1 in 4 trials. But yeah, while you're going at it...almost everything is good! Evan

Posted: Thu Sep 11, 2008 09:10 am Post Subject:

Guys, NAIC has its own life insurance carrier locator. They have a system that enables people to identify their desired carrier through some state insurance dept. official. Check out the NAIC company location system .
ArindamSenIndies

Posted: Thu Sep 11, 2008 09:45 am Post Subject:

Hi all.. it is a life insurance company's responsibility to convey the death benefit of a deceased policy-holder over to the state wherein the policy was issued under circumstances when it becomes difficult for them to identify the beneficiary of the policy.
Such benefits could be termed as " unclaimed property".

So in your case, if you can form any idea of where from the policy may have been purchased, then please communicate it to the State controller's dept. in order to make sure whether it possesses any unclaimed money which may have belonged to the deceased policy holder.
Regards, Fatman

Posted: Thu Sep 11, 2008 10:10 am Post Subject:

My friend, if you find its getting tougher for you to penetrate through the different insurance companies, it would be good for you to seek a pvt. company that does it on your behalf. You'll come across websites depicting such services quite often!
Roddick

Posted: Thu Sep 11, 2008 06:53 pm Post Subject:

Hello Fatman(feel uncomfortabel calling you that because you probably look like Arnald in his day)
Anyway, I would like to comment on your thoughts of what an insurance company is suppose to do. An insurance company will only escheat life insurance claim to the government when the insured reaches close to the mortality table age of 90-95. So unless the deceased was that age there will not be any record in the state. Also the insurance company will not try to find the beneficiary unless they know that the insured has died. Unless they contact the beneficiary everytime someone stops paying their premiums to find out if the insured died or simply no longer wants the policy, they will not look for the beneficiary. It is so important that the insured keeps the beneficiary informed of the company name that they have life insurance with because the only way the insurance company will know that the insured died is if someone tells them.
Also if it was a term policy and the insured person died before the term ended and then stopped paying the premiums, the insurance company will never escheat that to the government because they will just assume that it is a policy that lapsed.
Again the only way of finding one is knowing the company name. You can assure this by registering the company name with http://www.findyourpolicy.com