Unclamed Insurance Bennifets

John Hancock to pay $4M to Maryland policy holders

John Hancock Insurance Cos. will turn over $4 million in insurance and annuity payments to Maryland policy holders as part of an agreement with the state, Maryland Comptroller Peter Franchot said Tuesday.

The $4 million figure comes from an audit conducted by Verus Financial LLC, of Waterbury, Conn. Maryland was one of 35 states and Washington, D.C., that hired Verus to audit a group of insurers which also includes Met Life, Nationwide, Prudential and Sun Life.

“If some financial institutions have inadvertently or purposely kept money that rightfully belongs to Marylanders, we are going to aggressively audit and pursue those funds,” Franchot said in a statement Tuesday.

Boston-based John Hancock entered into an agreement with Maryland and other states that includes a plan for identifying abandoned property, returning it to its owners, or returning it to the states, when the owner cannot be identified. Money not claimed by Maryland policy holders will be put into the state’s unclaimed property fund.

“The agreement represents a landmark for consumers — one that helps John Hancock maintain its place in the forefront of caring for our insureds and their beneficiaries,” John Hancock said in a statement.

The Unclaimed Property Unit of Franchot’s office holds money that belong to Maryland residents that have been unclaimed from bank accounts, security deposits, wages, insurance benefits and other sources. The office returned has returned more than $223.4 million to Maryland residents since 2007, including $47.8 million in 2010.

Open Channel - Did your life insurance benefits sit unclaimed for ...

NBC News is interested in speaking with people who had to wait years after a loved-one’s death to receive an insurance benefit they were owed.  Whether you knew you were a beneficiary but had problems communicating with an insurance company, or you never knew that a policyholder had left you a benefit until information came your way years later, we’d like to talk to you.  Drop us a line.

I am saddened that Mr. Edwards made such poor decisions in his personal life. Those choices have cost him and his children a lot. I do not think he broke the law and it amazes me that these lawyers can twist and turn things around to attack him personally. Do we really want to pay for a trial that he will clearly win?? I don't think so. Move on!! I think we should focus on people like Casey Anthony, she killed her baby and may get off the death penalty because she is a good liar! At least John Edwards told about his affair, accepted the responsibility for his infidelity and his very gracious late wife accepted his faults why can't the government just let it go. I believe Mr. Edwards should be able to focus on taking care of all his children and get on with his life. Make better choices Mr. Edwards!!!!!!!!!!!!

I am serving as a POWER of Attorney for a widow, I am not an attorney. It took almost 3 years to get the proceeds from his life insurance from New York life the policy amount was only around $140.00. The policy originally had his mother and father as a beneficiary who both preceded him in death. New York life kept insisting we provide them with certified copies of the parents’ birth certificates. They threatened to turn over the funds to the state of Wisconsin as unpayable. In conversation after receiving the threatening letter they stated that they will be turning over the funds to the State of Wisconsin if we didn't provide them with the parents’ death certificates. I told them to please turn over the funds as then the widow will be able to get the funds. Finally after another letter from New York Life I called in again and Stated that I was not going to provide unnecessary paper work and only after I Mentioned taking this matter to the Insurance commissioner’s office for the state of Wisconsin did they decide to settle the matter. Ironically they had everything they needed?

Law and the life insurance contract

Veterans Unclaimed Benefits, The Insider's Guide

Kiplinger's Personal Finance

Unclaimed assets within the financial system, eleventh report of session 2006-07, report, together with formal minutes, oral and written evidence

The Insurance forum