Fraternity-Testvériség, 2008 (86. évfolyam, 1-3. szám)
2008-01-01 / 1. szám
Report of the Secretary—Treasurer I recently received a letter from the Attorney General of the State of Illinois reminding HRFA that it is required to report and remit to the State Treasurer death benefits that have remained unclaimed pursuant to the Uniform Disposition of Unclaimed Property Act. Other states, where HRFA is licensed to sell life insurance, have similar statutes. Unfortunately, HRFA has many members who “disappear” because we do not have current addresses for them and we don’t know the children, neighbors, or relatives we could contact. Consequently, we have no way to locate and notify these members concerning their rights to claim their funds. For example, endowment policies in the past were often purchased by parents or grandparents for their children or grandchildren, and these endowment policies mature either when the children turn 18 years old or after 20 years. When the policy matures, it needs to be claimed by the insured member of HRFA. If we have no current address, it is difficult to locate the member who should submit the claim to our Home Office. Additionally, deaths are reported but the claims are not completed and the money is never paid. In order to get paid, the beneficiaries must send a death certificate and the membership policies to HRFA’s Home Office. Just because one cannot find the membership certificate does not mean that the claim cannot be paid. Just contact us and we will assist in obtaining a duplicate membership certificate and process your claim. In our mobile society, our members constantly move so it is difficult to keep up with them. To compound the difficulty, some of our members purchase membership certificates without letting the beneficiaries know about their actions. When the owner of the policy dies, the beneficiaries remain in the dark about the possibility of any benefits due from HRFA. On a personal note, my 90-year-old father-in-law’s memory is such that he can't find the policies he claims to have taken out years ago and refers to the companies by different names each time we speak. Thus, my wife is spending an inordinate amount of time going through the papers he can locate and tracking down the insurance companies, some of which have merged or, in one case, moved to Canada. She is trying to establish the policies’ worth and if she is the designated beneficiary instead of his wife who died seven years ago. It’s even more difficult when the aging parent has moved into a nursing home and isn’t able to update his power of attorney as should be done when one becomes incapable of handling his own affairs, or when severe memory loss inhibits the ability to deal with insurance companies directly or even locate membership certificates. Thus, my wife and I are trying to solve these problems now so as not to face any “unclaimed property” issues in the future. So what is the solution to the problem of unclaimed property? First, all members should make sure that HRFA has a current address on file. If there are changes in your life-marriage, children, death, divorce, remarriage, moving to a new location, or admittance to an assisted care facility-you should reassess who are the listed beneficiaries on your membership certificates. Secondly, visit the HRFA website to find the list of unclaimed funds or call the HRFA Home Office. Thirdly, check the website of the state where your branch was located when the certificate was purchased. Each state is required to list the names of persons entitled to unclaimed property. We at HRFA would like to hear from you so don’t hesitate to call us toll-free at 1-888-567- 7884 or 1-888-KOSSUTH about unclaimed property or any other issue which is of concern to you. I wish you a happy Easter. Fraternally, Leslie László. Megyeri Fraternity - Testvériség - Winter 2007/Spring 2008 3
