Christa DeOliveira, CIA, CCEP
As noted in several previous blog postings, states are passing legislation related to unclaimed life insurance benefits. The common link of these laws is that they have provisions requiring searches using the Social Security Death Master File (SSDMF). Specifically requiring for life insurers to conduct searches comparing the SSDMF to insureds of in force policies and retained asset account owners to identify matches. For any potential matches identified there are requirements to make efforts to find the beneficiaries, to confirm the death of the insured, and assist beneficiaries in claiming any applicable policy proceeds or retained asset account amounts. Another similar theme is the laws generally include references to policy information that would be necessary to complete a successful search, such as SSN, complete name, date of birth, beneficiary designation, etc.
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