§ 55-210.4:01. Funds owing under life insurance policies.
A. Funds held or owing under any life or endowment insurance policy orannuity contract which has matured or terminated are presumed abandoned ifunclaimed for more than five years after the funds became due and payable asestablished from the records of the insurance company holding or owing thefunds, except that property described in subsection C 2 is presumed abandonedif unclaimed for more than two years.
B. If a person other than the insured or annuitant is entitled to the fundsand no address of the person is known to the company or it is not definiteand certain from the records of the company who is entitled to the funds, itis presumed that the last known address of the person entitled to the fundsis the same as the last known address of the insured or annuitant accordingto the records of the company.
C. For purposes of this section, a life or endowment insurance policy orannuity contract not matured by actual proof of the death of the insured orannuitant according to the records of the company is deemed matured and theproceeds due and payable if:
1. The company knows that the insured or annuitant has died; or
2. (i) The insured has attained, or would have attained if he were living,the limiting age under the mortality table on which the reserve is based;(ii) the policy was in force at the time the insured attained, or would haveattained, the limiting age specified in paragraph (i); and (iii) neither theinsured nor any other person appearing to have an interest in the policywithin the preceding two years, according to the records of the company, hasassigned, readjusted, or paid premiums on the policy, subjected the policy toa loan, corresponded in writing with the company concerning the policy, orotherwise indicated an interest as evidenced by a memorandum or other recordon file prepared by an employee of the company.
D. For purposes of this section, the application of an automatic premium loanprovision or other nonforfeiture provision contained in an insurance policydoes not prevent a policy from being matured or terminated under subsection Aif the insured has died or the insured or the beneficiaries of the policyotherwise have become entitled to the proceeds thereof before the depletionof the cash surrender value of a policy by the application of thoseprovisions.
E. Notwithstanding any other provision of law, if the company learns of thedeath of the insured or annuitant and the beneficiary has not communicatedwith the insurer within four months after the death, the company shall takereasonable steps to locate the beneficiary and pay the proceeds to thebeneficiary.
F. Commencing July 1, 1986, every change of beneficiary form issued by aninsurance company under any life or endowment insurance policy or annuitycontract to an insured or owner who is a resident of this Commonwealth mustrequest the following information:
1. The name of each beneficiary, or if the class of beneficiaries 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.
§ 55-210.4:01. Funds owing under life insurance policies.
A. Funds held or owing under any life or endowment insurance policy orannuity contract which has matured or terminated are presumed abandoned ifunclaimed for more than five years after the funds became due and payable asestablished from the records of the insurance company holding or owing thefunds, except that property described in subsection C 2 is presumed abandonedif unclaimed for more than two years.
B. If a person other than the insured or annuitant is entitled to the fundsand no address of the person is known to the company or it is not definiteand certain from the records of the company who is entitled to the funds, itis presumed that the last known address of the person entitled to the fundsis the same as the last known address of the insured or annuitant accordingto the records of the company.
C. For purposes of this section, a life or endowment insurance policy orannuity contract not matured by actual proof of the death of the insured orannuitant according to the records of the company is deemed matured and theproceeds due and payable if:
1. The company knows that the insured or annuitant has died; or
2. (i) The insured has attained, or would have attained if he were living,the limiting age under the mortality table on which the reserve is based;(ii) the policy was in force at the time the insured attained, or would haveattained, the limiting age specified in paragraph (i); and (iii) neither theinsured nor any other person appearing to have an interest in the policywithin the preceding two years, according to the records of the company, hasassigned, readjusted, or paid premiums on the policy, subjected the policy toa loan, corresponded in writing with the company concerning the policy, orotherwise indicated an interest as evidenced by a memorandum or other recordon file prepared by an employee of the company.
D. For purposes of this section, the application of an automatic premium loanprovision or other nonforfeiture provision contained in an insurance policydoes not prevent a policy from being matured or terminated under subsection Aif the insured has died or the insured or the beneficiaries of the policyotherwise have become entitled to the proceeds thereof before the depletionof the cash surrender value of a policy by the application of thoseprovisions.
E. Notwithstanding any other provision of law, if the company learns of thedeath of the insured or annuitant and the beneficiary has not communicatedwith the insurer within four months after the death, the company shall takereasonable steps to locate the beneficiary and pay the proceeds to thebeneficiary.
F. Commencing July 1, 1986, every change of beneficiary form issued by aninsurance company under any life or endowment insurance policy or annuitycontract to an insured or owner who is a resident of this Commonwealth mustrequest the following information:
1. The name of each beneficiary, or if the class of beneficiaries 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.
§ 55-210.4:01. Funds owing under life insurance policies.
A. Funds held or owing under any life or endowment insurance policy orannuity contract which has matured or terminated are presumed abandoned ifunclaimed for more than five years after the funds became due and payable asestablished from the records of the insurance company holding or owing thefunds, except that property described in subsection C 2 is presumed abandonedif unclaimed for more than two years.
B. If a person other than the insured or annuitant is entitled to the fundsand no address of the person is known to the company or it is not definiteand certain from the records of the company who is entitled to the funds, itis presumed that the last known address of the person entitled to the fundsis the same as the last known address of the insured or annuitant accordingto the records of the company.
C. For purposes of this section, a life or endowment insurance policy orannuity contract not matured by actual proof of the death of the insured orannuitant according to the records of the company is deemed matured and theproceeds due and payable if:
1. The company knows that the insured or annuitant has died; or
2. (i) The insured has attained, or would have attained if he were living,the limiting age under the mortality table on which the reserve is based;(ii) the policy was in force at the time the insured attained, or would haveattained, the limiting age specified in paragraph (i); and (iii) neither theinsured nor any other person appearing to have an interest in the policywithin the preceding two years, according to the records of the company, hasassigned, readjusted, or paid premiums on the policy, subjected the policy toa loan, corresponded in writing with the company concerning the policy, orotherwise indicated an interest as evidenced by a memorandum or other recordon file prepared by an employee of the company.
D. For purposes of this section, the application of an automatic premium loanprovision or other nonforfeiture provision contained in an insurance policydoes not prevent a policy from being matured or terminated under subsection Aif the insured has died or the insured or the beneficiaries of the policyotherwise have become entitled to the proceeds thereof before the depletionof the cash surrender value of a policy by the application of thoseprovisions.
E. Notwithstanding any other provision of law, if the company learns of thedeath of the insured or annuitant and the beneficiary has not communicatedwith the insurer within four months after the death, the company shall takereasonable steps to locate the beneficiary and pay the proceeds to thebeneficiary.
F. Commencing July 1, 1986, every change of beneficiary form issued by aninsurance company under any life or endowment insurance policy or annuitycontract to an insured or owner who is a resident of this Commonwealth mustrequest the following information:
1. The name of each beneficiary, or if the class of beneficiaries 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.
