unclaimed benefits
Policy benefits
for which no payee can be found. Under typical state statutes for
unclaimed property, when an insurer cannot locate anyone entitled to
policy benefits, the insurer will hold the unclaimed benefits for
seven
years and then turn them over to the state.
Usually, the unclaimed property statute of the state of the
beneficiary's last known address applies. If no address is
known, the statute of the insurer's state of domicile will
govern.
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