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Genworth Life Insurance - Unclaimed Policy Benefits Search |
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Genworth Life Insurance - Unclaimed Policy Benefits Search |
Genworth Life Insurance Settlement for Missing Beneficiaries and Lost Heirs |
Genworth Life Insurance ClaimsEstimates are $2.4 billion dollars in death benefits owed beneficiaries and heirs of deceased life insurance policyholders goes unclaimed each year.Heirs of deceased policyholders and annuity owners may be entitled to receive compensation arising from a 2012 legal settlement between states and a number of underwriters. Unclaimed property audits undertaken by a number of statesrevealed many major life insurance companies failed to pay death benefits to beneficiaries, despite having confirmation policyholders were deceased. Additionally, some companies continued charging premiums, deducting payments from the policies' cash reserves until depleted, at which time the policy would be cancelled.Insurance Companies participating in the Global Life Insurance Settlement include: AIG, Allianz, Aviva, Forethought, Genworth, Hartford, ING, John Hancock, Lincoln National, MetLife, Midland National, Nationwide, New York Life, Northwest Mutual, Pacific Life, Prudential, Symetra, TIAA-CREF, Transamerica and Western & Southern. Genworth : Genworth companies include: Genworth Financial; Genworth Life Insurance Company, Genworth Life and Annuity Insurance Company, and Genworth Life and Annuity Insurance Company of New York.Under the agreement {Genworth Life Insurance Claims Settlement} Genworth must restore the full value of impacted accounts dating back to 1995, as well as pay interest on those accounts. The company further agreed to fully comply with state unclaimed property laws going forward, and to assist with beneficiary claims to ensure timely payment of death benefits, annuity contracts and retained asset accounts. If Genworth finds that a policyholder has died and a beneficiary claim has not been made within the statutory period, the company will then remit the policy proceeds to a government custodian, where they are held available to be reclaimed in the future.
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