William Penn Life, 2017 (52. évfolyam, 1-12. szám)
2017-06-01 / 6. szám
Notes from the Secretary's Desk by Jerry A. Hauser Filing death claims: who’s responsible AT WPA, we usually learn of a member's death when a surviving relative files a claim. Sometimes, however, we learn of a member's death through word of mouth or the media, and no death claim is filed. In those instances, we make every effort to make sure the deceased's beneficiary receives the benefits promised to them. We first try to contact the beneficiary to initiate a claim using the beneficiary's contact information we have on file. Occasionally, we are unable to reach the beneficiary using that information because it is outdated. If that is the case, we search the White Pages online in an attempt to verify the location of the designated beneficiary. We also will ask the officers of the deceased member's branch for assistance. We can usually find a contact person if the deceased member participated in branch activities. If an obituary notice is available, we may contact a surviving member of the family or get in touch with the funeral home for assistance. Many times, funeral directors will not provide names and addresses of family members due to privacy, but they are usually more than willing to assist us by informing a surviving family member to contact WPA regarding a possible claim. In addition, WPA has reviewed the Social Security Death Master Index to see if any of our active certificate holders have died and no claim is pending. If all efforts fail, and we are unable to contact anyone about a possible a claim, we will set aside the policy proceeds, placing them into a separate trust account. These funds are held in trust should a beneficiary eventually come forward to file a claim. However, these funds can be held only for a specified time - known as the "dormancy period" - as determined by unclaimed property laws in the insured's state of residence (last known address). For example, Pennsylvania's unclaimed property rules impose a three-year dormancy period on insurance proceeds. If no claim is made within three years, policy proceeds are forwarded to the Pennsylvania Unclaimed Property Division of the Pennsylvania Treasury, on behalf of the insured. Any future claims by beneficiaries will need to be filed with the state treasury. Such a filing might PART 2 become a lengthy process as additional paperwork may be necessary to prove one is the legal and rightful heir to the funds. It's also worth noting that all intangible property (such as insurance and annuities), once reported and turned over to the state, will remain with the state until they are claimed by the rightful owner or beneficiary. If you think you might be a beneficiary on a missing policy, here are steps you can take to find proof of its existence which can help you get the benefits you and others may be owed: • Look through your deceased loved one's vital records, communications and storage areas in search of a life insurance contract, receipts of premium payments or dividend notifications. • Check bank statements for any payments made to life insurance companies. • Review tax returns for the last several years to see if 1099 forms were received from insurers in reporting taxable interest income. • Search through address books for names of insurance agents, attorneys or financial advisors and contact them regarding the possible existence of policies. • Check with the deceased's most recent employer to see if any employer-sponsored group life insurance coverage was included among the deceased's employee benefits. • Check with the deceased's former employers to see if insurance coverage was provided and whether coverage was continued through a conversion after the deceased's employment ceased. • Go online and access the policy locator service provided by the National Association of Insurance Commissioners (NAIC) and request a search for missing life policies or annuity contracts. The NAIC will forward notifica-4 0 June 2017 0 WILLIAM PENN LIFE
