A ruling by a three-judge panel in Florida’s First District Court of Appeal held that Florida’s unclaimed property law does not make life insurance proceeds due and payable at the time of the insured’s death.
Without getting too deep into the ruling, why is it ok for an insurance company to sell a life insurance policy and then have no obligation to check if the policy holder is deceased and the policy payable to the beneficiary.
hile the State just wants to have the policy escheated, so the money can be used to fund the general budget; at least with the money at the State, the beneficiaries stand a chance to claim the assets. Especially with firms like Fletcher actively locating these people and advocating on their behalf.
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