One Of The Reasons Social Security's Death Master File Is Made Public
From the
AP:
More than $1.1 billion in unclaimed life insurance benefits have been
recovered nationwide after an investigation, New York regulators said
Wednesday.
The state's Department of Financial
Services said many insurance companies were not using lists of recent
deaths from the Social Security Administration to determine whether a
policy holder had died. That meant if family members did not know there
was a life insurance policy or forgot to file a claim, the policy went
unpaid.
New York regulators say they directed
insurers to use the Social Security master file to investigate unclaimed
policies -- just as insurers used the list of recently deceased to
determine when to stop annuity payments.
Gov. Andrew Cuomo said state
investigators working with insurance companies were able to make
payments to 100,000 consumers nationwide, including more than 25,000 New
York residents. The oldest claim dated to a death in 1960.
No comments:
Post a Comment