Transamerica reaches multistate life claim settlement

October 7, 2013 by Noah Guillaume

Florida reached a life claim settlement agreement with Transamerica Life Insurance Company (Transamerica) and its affiliates.

All of the settlements concentrate on the insurers’ asymmetrical use of the U.S. Social Security Death Master File (DMF) and the practice of using it to stop paying a deceased person’s annuity, but not using it to search for beneficiaries of a life insurance policy to determine if benefits were due. As part of the settlement agreements, insurers are now required to use it in locating beneficiaries and must promptly remit payment to the unclaimed property division of each state for beneficiaries that cannot be located. Click here to read…

Originally Posted at LifeHealthPro on October 4, 2013 by Noah Guillaume.