Unclaimed Insurance Rebates Increasing In Number

There is no stopping the influx of unclaimed money and the rate of growth is alarming. Authorities in charge of the state treasuries and federal vault are constantly trying to stem the flow of unclaimed money and are also trying to find the major and new sources of unclaimed money,custom bobblehead.

One of the most recent revelations of new unclaimed money has been the volume of unclaimed life insurance,.. The unclaimed life insurance money does not stay with the insurer indefinitely and is eventually transferred to state unclaimed property divisions,The Best Way To Wager On Soccer Is With Online Soccer Betting. Most of the states are mandated by law to publish information on websites or in local newspapers.

A few insurance companies have their own websites that list unclaimed life insurance policy amounts. Once these unclaimed life insurance monies are in the dormant state for a long time,Wedding Dresses for Green Wedding Theme, they are transferred to the escheat funds of the states to be utilized for the state welfare programs.
According to a recent report:
� �New York has received $400,personalized bobbleheads,287,736 in unclaimed life insurance property since 2000 and paid out $64,personalized bobbleheads,772,228, said Vanessa Lockel, a spokeswoman for the Office of the State Comptroller. And that is just one part of the $10.5 billion the state has received in unclaimed property since 1943.� Only about 20 percent of the property is claimed in any year.
� �Florida has about 9.9 million unclaimed accounts,,, including securities and other property, in addition to insurance worth more than $1 billion. Of that, some $355 million is related to unclaimed insurance,personalized bobble heads, said Alexis Lambert, a spokeswoman for the Florida Department of Financial Services.�
� Time and again, the insurance industry experts have been proven right and the fact is that most of those insurance policies will never be claimed and the money will end up being used by the states. New York has had an account from one person worth $1.7 million since 2004.
� �Life insurers make every effort to locate beneficiaries of life insurance policies,� said Whit Cornman,custom bobbleheads, a spokesman for the American Council of Life Insurers,Classy Brennan Industries Blue RH Genesis Bow Kit, a trade group. �Many companies have units dedicated to dealing with unclaimed proceeds.�
� Louisiana commercial and residential property policyholders left almost $133 million in insurance rebates from 2006 unclaimed when the New Year rolled around. This money is now in the state treasury and permanently lost,personalized bobblehead,Choosing A Bow For The Young Archer At Home, according to Insurance Commissioner Jim Donelon."The $133 million went down the drain,customized bobbleheads," Donelon said.
In almost all of the states, policyholders are given a very comfortable time frames (3 to 4 years) to claim the rebates, either by making an immediate claim for the money or taking the assessment as a credit on their state taxes.
A majority of the states have enacted new laws and policies,custom bobblehead, and according to these,personalized bobblehead, there is an escheatment policy and time frame for the insurance money to be considered unclaimed money. In most of the cases,customize bobblehead, insurance companies have two to seven years from the date a policy is deemed inactive to transfer the money to the state treasury.
Unclaimed life insurance policies must be reported in most states. Insurance companies must file unclaimed or "lapsed" policies to the state, including all funds. The state labels these funds as "unclaimed property" with the beneficiary as the owner.