§60-653. Funds held or owing under life or endowment insurance
754 words·~3 min read·
/ok/title-60-property/60-653A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
policy or annuity contract.
(a)Funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if unclaimed for more than five
(5)years after the funds became due and payable as established from the records of the insurance company holding or owing the funds, but property described in paragraph
(2)of subsection
(c)of this section is presumed abandoned if unclaimed for more than two
(2)years.
(b)If a person other than the insured or annuitant is entitled to the funds and an address of the person is not known to the company or it is not definite and certain from the records who is entitled to the funds, it is presumed that the last-known address of the person entitled to the funds is the same as the last-known address of the insured or annuitant according to the records of the company.
(c)For purposes of this act, a life or endowment insurance policy or annuity contract not matured by actual proof of death of the insured according to the records of the company is matured and the proceeds due and payable if:
(1)the company knows that the insured or annuitant has
died; or
(A)the insured has attained, or would have attained
if he were living, the limiting age under the
mortality table on which the reserve is based;
(B)the policy was in force at the time the insured
attained, or would have attained, the limiting
age specified in subparagraph
(A)of this
paragraph; and
(C)neither the insured nor any person appearing to
have an interest in the policy within the
preceding two
(2)years, according to the records
of the company, has assigned, readjusted, or paid
premiums on the policy, subjected the policy to
loan, or corresponded in writing with the company
concerning the policy, or otherwise indicated an
interest as evidenced by a memorandum or other
record on file prepared by an employee of the
company.
(d)For purposes of this act, the application of an automatic premium loan provision or other nonforfeiture provisions contained in an insurance policy does not prevent a policy from being matured or terminated under subsection
(a)of this section if the insured has died or the insured or the beneficiary of the policy otherwise has become entitled to the proceeds thereof before the depletion of the cash surrender value of a policy by the application of those provisions.
(e)If the laws of this state or the terms of the life insurance policy require the company to give notice to the insured or the owner that an automatic premium loan provision or other nonforfeiture provision has been exercised and the notice, given to an insured or owner whose last-known address according to the records of the company is in this state, is undeliverable, the company shall make a reasonable search to ascertain the policyholder's correct address to which the notice must be mailed.
(f)Notwithstanding any other provision of law, if the company learns of the death of the insured or annuitant and the beneficiary has not communicated with the insurer within four
(4)months after the death, the company shall take reasonable steps to pay the proceeds to the beneficiary.
(g)Every change of beneficiary form issued by an insurance company under any life or endowment insurance policy or annuity contract to an insured or owner who is a resident of the state shall include, but not be limited to:
(1)the name of each beneficiary, or if a class of
beneficiaries is named, the name of each current
beneficiary in the class;
(2)the address of each beneficiary;
(3)the relationship of each beneficiary to the insured;
(h)With respect to any funds held or owing under any life or endowment insurance policy or annuity contract presumed abandoned pursuant to this section or property distributable in the course of a demutualization or reorganization of an insurance company pursuant to Section 653.1 of this title, the insurance company holding or owing such funds shall provide any information reasonably requested by the State Treasurer, if such information is reasonably available, to assist the State Treasurer in its consideration of a claim pursuant to Section 675 of this title. Added by Laws 1967, c. 107, § 3. Amended by Laws 1982, c. 278, § 2, eff. Jan. 1, 1983; Laws 1991, c. 331, § 5, eff. Sept. 1, 1991; Laws 2006, c. 233, § 1, eff. Nov. 1, 2006.