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Unclaimed Insurance Issues |
The total amount of unclaimed
property is growing every year
and this it the main subject of a good part of the spam letters
produced by international scams, among which references to professional
liability insurance is not very rare. In fact, unclaimed insurance
funds and other would-be freebies are taking time and minds of many
people, but far not all of them are able to make some viable use of
those. Thus, unclaimed insurance policies as well as unclaimed
insurance money associated with them are not making any profit and are
‘dead’ in some sense from the financial point of
view. Generally speaking, about a half, for example, life insurance
policies are left unclaimed as it is the family members’
concern to let know a particular insurance company about their rights
as a beneficiary. Of course, none of the insurance companies are
interested in saying good-buy to the moneys they would like to keep
unless anyone is claiming some rights. No need to say that in most
cases like the said above, there is no secondary beneficiary
established in a formal, documentary way.
This fact is not very problematic in the course ofthe so
called dormant period, but it may give rise to more troubles in cases,
when for example some rightful heirs would like to claim for their
ancestors’ forgotten life insurances. In order to avoid such
situations, it is necessary to remember to update one’s will
and leave some explicit directions to the insurance company for the
cases, when the policyholder dies. |
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