What is the Definition of Unclaimed Life Insurance Benefits?

What is the Definition of Unclaimed Life Insurance Benefits?

Life insurance benefits that are unclaimed and unpaid because the beneficiaries aren’t aware that the policies exist or can’t locate the policies because they don’t know which insurance company wrote them. If an insurance company knows that an insured died and cannot find the beneficiary, the money is transferred to the state where the insured bought the policy.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Unclaimed Life Insurance Benefits?

You can find random definition and meaning of insurance terms below:


What is the meaning of International

includes all business transacted outside the U.S. and its territories and possessions where the appropriate line of business is not determinable.


What is the meaning of Internet Liability Insurance/Cyber Insurance

coverage for cyber commerce including copyright infringement, libel, and violation of privacy.


What is the meaning of Investment grade

the obligation has been determined to be in one of the top four generic lettered rating classifications by a securities rating agency acceptable to the commissioner, that the obligation has been identified in writing by such a rating agency to be of investment grade quality, or, if the obligation has not been submitted to any such rating agency, that the obligation has been determined to be investment grade (Class 1 and Class 2) by the Securities Valuation Office of the National Association of Insurance Commissioners.


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