Life Claim Settlement Practices
One of the more important things a person can do during their lifetime is to purchase a life insurance policy to cover final death expenses and possibly even leave a monetary benefit to their heirs. However, there are times when a policy purchased years earlier goes unnoticed and unclaimed following the policyholder’s death.
There are two ways the identified property and/or funds are being returned to Florida consumers:
- Directly from the life insurance company, through improved internal search processes imposed as part of the regulatory settlement agreements.
- Florida's Department of Financial Services' Bureau of Unclaimed Property, the insurance company remits property to the state when they are unsuccessful at locating a beneficiary. Families may then search the website for a loved one's name to see if there is unclaimed property available to collect. The website is available here.
Statutes, Rules, & Legislative Changes