A few years ago, Sharon Likins learned about the state government’s bounty of unclaimed revenue flipped around by banks, insurance companies, and others. So, the Florida retiree started the state’s “treasure hunt” website and discovered three hundred dollars in her late mother’s name. The Florida life insurance policy was a little incentive from an existing insurance policy with Prudential.
Sharon Made a Significant Florida Life Insurance Discovery.
The discovery had been a pleasant surprise, though it raised a question. Just what occurred to the initial policy that Likins had not known about? They did not discuss anything about having an existing Florida life insurance policy. In addition, they resided in the same Palm Coastline home their mother had lived. In addition, they stated that the company did not have a policy record.
Likins’ late mom was among hundreds of thousands of Florida citizens from Miami to Jacksonville. Furthermore, residents had obtained Florida life insurance policies worth enormous amounts. However, those unwitting will never pay out the proceeds. That is because Prudential and other significant life insurance providers in Florida have neither found the survivors nor notified their unclaimed benefits to the government.
Florida Regulators Get Involved.
Four years ago, Florida regulators established a flaw in the business. As a result, the government reached a settlement deal in 2011 and 2012 with the top three Florida life insurance companies: John Hancock, Prudential, and MetLife. The agreements required the insurance companies to improve their techniques. In addition, develop new practices for tracking when policyholders have passed away. Finally, send their benefits to Florida if the life insurance companies cannot locate beneficiaries.
However, reading a recently unsealed lawsuit from a company specializing in recovering benefits states the state’s system […]