Unclaimed money held by insurance companies.
1. Unclaimed money held and owing by an insurance company is presumed abandoned if the last known address, according to the records of the company, of the person entitled to the money is within this state. If a person other than the insured or annuitant is entitled to the money and no address of such person is known to the company or if it is not definite and certain from the records of the company what person is entitled to the money, it is presumed that the last known address of the person entitled to the money is the same as the last known address of the insured or annuitant according to the records of the company.
2. “Unclaimed money,” as used in this section, means all money held and owing by any insurance company unclaimed and unpaid for more than 3 years after the money became due and payable as established from the records of the company under any life or endowment insurance policy or annuity contract which has matured or terminated. A life insurance policy not matured by actual proof of the death of the insured shall be deemed matured and the proceeds thereof deemed due if the policy was in force when the insured attained the limiting age under the mortality table on which the reserve is based, unless the person appearing entitled thereto has within the preceding 3 years:
(a) Assigned, readjusted or paid premiums on the policy or subjected the policy to loan; or
(b) Corresponded in writing with the insurance company concerning the policy.
3. Money otherwise payable according to the records of the company shall be deemed due although the policy or contract has not been surrendered as required.
Last modified: February 27, 2006