§ 33-21.1-7 Funds owing under lifeinsurance policies. – (a) Funds held or owing under any life or endowment insurance policy or annuitycontract that has matured or terminated are presumed abandoned if unclaimed formore than three (3) years after the funds became due and payable as establishedfrom the records of the insurance company holding or owing the funds, butproperty described in subsection (c)(2) is presumed abandoned if unclaimed formore than two (2) years.
(b) If a person other than the insured or annuitant isentitled to the funds and an address of the person is not known to the companyor it is not definite and certain from the records of the company who isentitled to the funds, it is presumed that the last known address of the personentitled to the funds is the same as the last known address of the insured orannuitant according to the records of the company.
(c) For purposes of this chapter, a life or endowmentinsurance policy or annuity contract not matured by actual proof of the deathof the insured or annuitant according to the records of the company is maturedand the proceeds due and payable, if:
(1) The company has received due proof of death that theinsured or annuitant has died; or
(2) The insured has attained, or would have attained if he orshe were living, the limiting age under the mortality table on which thereserve is based;
(ii) The policy was in force at the time the insuredattained, or would have attained, the limiting age specified in subparagraph(i); and
(iii) Neither the insured nor any other person appearing tohave an interest in the policy within the preceding two (2) years, according tothe records of the company, has assigned, readjusted, or paid premiums on thepolicy, subjected the policy to a loan, corresponded in writing with thecompany concerning the policy, or otherwise indicated an interest as evidencedby a memorandum or other record on file prepared by an employee of the company.
(d) For purposes of this chapter, the application of anautomatic premium loan provision or other nonforfeiture provision contained inan insurance policy does not prevent a policy from being matured or terminatedunder subsection (a) if the insured has died or the insured or the beneficiaryof the policy otherwise has become entitled to the proceeds of the depositbefore the depletion of the cash surrender value of a policy by the applicationof those provisions.
(e) If the laws of this state or the terms of the lifeinsurance policy require the company to give notice to the insured or ownerthat an automatic premium loan provision or other nonforfeiture provision hasbeen exercised and the notice, given to an insured or owner whose last knownaddress according to the records of the company is in this state, isundeliverable, the company shall make a reasonable search to ascertain thepolicyholder's correct address to which the notice must be mailed.
(f) Notwithstanding any other provision of law, if thecompany learns of the death of the insured or annuitant and the beneficiary hasnot communicated with the insurer within four (4) months after the death, thecompany shall take reasonable steps to pay the proceeds to the beneficiary.
(g) Commencing two (2) years after July 1, 1987, every changeof beneficiary form issued by an insurance company under any life or endowmentinsurance policy or annuity contract to an insured or owner who is a residentof this state must request the following information:
(1) The name of each beneficiary, or if a class ofbeneficiaries is named, the name of each current beneficiary in the class;
(2) The address of each beneficiary; and
(3) The relationship of each beneficiary to the insured.
§ 33-21.1-7 Funds owing under lifeinsurance policies. – (a) Funds held or owing under any life or endowment insurance policy or annuitycontract that has matured or terminated are presumed abandoned if unclaimed formore than three (3) years after the funds became due and payable as establishedfrom the records of the insurance company holding or owing the funds, butproperty described in subsection (c)(2) is presumed abandoned if unclaimed formore than two (2) years.
(b) If a person other than the insured or annuitant isentitled to the funds and an address of the person is not known to the companyor it is not definite and certain from the records of the company who isentitled to the funds, it is presumed that the last known address of the personentitled to the funds is the same as the last known address of the insured orannuitant according to the records of the company.
(c) For purposes of this chapter, a life or endowmentinsurance policy or annuity contract not matured by actual proof of the deathof the insured or annuitant according to the records of the company is maturedand the proceeds due and payable, if:
(1) The company has received due proof of death that theinsured or annuitant has died; or
(2) The insured has attained, or would have attained if he orshe were living, the limiting age under the mortality table on which thereserve is based;
(ii) The policy was in force at the time the insuredattained, or would have attained, the limiting age specified in subparagraph(i); and
(iii) Neither the insured nor any other person appearing tohave an interest in the policy within the preceding two (2) years, according tothe records of the company, has assigned, readjusted, or paid premiums on thepolicy, subjected the policy to a loan, corresponded in writing with thecompany concerning the policy, or otherwise indicated an interest as evidencedby a memorandum or other record on file prepared by an employee of the company.
(d) For purposes of this chapter, the application of anautomatic premium loan provision or other nonforfeiture provision contained inan insurance policy does not prevent a policy from being matured or terminatedunder subsection (a) if the insured has died or the insured or the beneficiaryof the policy otherwise has become entitled to the proceeds of the depositbefore the depletion of the cash surrender value of a policy by the applicationof those provisions.
(e) If the laws of this state or the terms of the lifeinsurance policy require the company to give notice to the insured or ownerthat an automatic premium loan provision or other nonforfeiture provision hasbeen exercised and the notice, given to an insured or owner whose last knownaddress according to the records of the company is in this state, isundeliverable, the company shall make a reasonable search to ascertain thepolicyholder's correct address to which the notice must be mailed.
(f) Notwithstanding any other provision of law, if thecompany learns of the death of the insured or annuitant and the beneficiary hasnot communicated with the insurer within four (4) months after the death, thecompany shall take reasonable steps to pay the proceeds to the beneficiary.
(g) Commencing two (2) years after July 1, 1987, every changeof beneficiary form issued by an insurance company under any life or endowmentinsurance policy or annuity contract to an insured or owner who is a residentof this state must request the following information:
(1) The name of each beneficiary, or if a class ofbeneficiaries is named, the name of each current beneficiary in the class;
(2) The address of each beneficiary; and
(3) The relationship of each beneficiary to the insured.
§ 33-21.1-7 Funds owing under lifeinsurance policies. – (a) Funds held or owing under any life or endowment insurance policy or annuitycontract that has matured or terminated are presumed abandoned if unclaimed formore than three (3) years after the funds became due and payable as establishedfrom the records of the insurance company holding or owing the funds, butproperty described in subsection (c)(2) is presumed abandoned if unclaimed formore than two (2) years.
(b) If a person other than the insured or annuitant isentitled to the funds and an address of the person is not known to the companyor it is not definite and certain from the records of the company who isentitled to the funds, it is presumed that the last known address of the personentitled to the funds is the same as the last known address of the insured orannuitant according to the records of the company.
(c) For purposes of this chapter, a life or endowmentinsurance policy or annuity contract not matured by actual proof of the deathof the insured or annuitant according to the records of the company is maturedand the proceeds due and payable, if:
(1) The company has received due proof of death that theinsured or annuitant has died; or
(2) The insured has attained, or would have attained if he orshe were living, the limiting age under the mortality table on which thereserve is based;
(ii) The policy was in force at the time the insuredattained, or would have attained, the limiting age specified in subparagraph(i); and
(iii) Neither the insured nor any other person appearing tohave an interest in the policy within the preceding two (2) years, according tothe records of the company, has assigned, readjusted, or paid premiums on thepolicy, subjected the policy to a loan, corresponded in writing with thecompany concerning the policy, or otherwise indicated an interest as evidencedby a memorandum or other record on file prepared by an employee of the company.
(d) For purposes of this chapter, the application of anautomatic premium loan provision or other nonforfeiture provision contained inan insurance policy does not prevent a policy from being matured or terminatedunder subsection (a) if the insured has died or the insured or the beneficiaryof the policy otherwise has become entitled to the proceeds of the depositbefore the depletion of the cash surrender value of a policy by the applicationof those provisions.
(e) If the laws of this state or the terms of the lifeinsurance policy require the company to give notice to the insured or ownerthat an automatic premium loan provision or other nonforfeiture provision hasbeen exercised and the notice, given to an insured or owner whose last knownaddress according to the records of the company is in this state, isundeliverable, the company shall make a reasonable search to ascertain thepolicyholder's correct address to which the notice must be mailed.
(f) Notwithstanding any other provision of law, if thecompany learns of the death of the insured or annuitant and the beneficiary hasnot communicated with the insurer within four (4) months after the death, thecompany shall take reasonable steps to pay the proceeds to the beneficiary.
(g) Commencing two (2) years after July 1, 1987, every changeof beneficiary form issued by an insurance company under any life or endowmentinsurance policy or annuity contract to an insured or owner who is a residentof this state must request the following information:
(1) The name of each beneficiary, or if a class ofbeneficiaries is named, the name of each current beneficiary in the class;
(2) The address of each beneficiary; and
(3) The relationship of each beneficiary to the insured.
