The Nationwide Affiliation of Insurance coverage Commissioners (NAIC) Life Insurance coverage Coverage Locator continues to attach customers with misplaced life insurance coverage. Every year, thousands and thousands of in life insurance coverage advantages go unclaimed by beneficiaries who cannot discover their deceased family members’ insurance policies or in some circumstances might not even know the insurance policies exist.
That is the place the Life Insurance coverage Coverage Locator is available in. This free on-line instrument, maintained by the NAIC, has obtained 145,432 requests which has led to 46,665 matches of misplaced or misplaced life insurance coverage insurance policies or annuities with declare quantities of $650,520,451 million being reported by corporations by way of July 31, 2019 since its November 2016 launch.
“Dropping a cherished one is usually a painful, chaotic time. Beneficiaries who do not know the place coverage paperwork is situated might wrestle to seek out it whereas taking good care of their family members’ property,” says Eric A. Cioppa, NAIC President and Maine Insurance coverage Superintendent. “The NAIC’s Life Insurance coverage Coverage Locator offers customers a method to simply seek for insurance policies and annuities.”
The coverage locator requests are safe, confidential and free. Any matches discovered by collaborating insurers are reported to state insurance coverage businesses by way of the NAIC Life Coverage Locator. The businesses then are liable for contacting beneficiaries.
Who can use the locator?
Anybody. This service is open to the general public, together with beneficiaries and authorized representatives.
If a requester is a beneficiary and is notified by the corporate that a misplaced coverage has been discovered, what data do folks must request their advantages?
Sometimes, a licensed loss of life certificates and firm declare kind should be submitted to the insurer which discovered a coverage.
How lengthy does it take for a request to be accomplished?
It could take as much as 90 enterprise days to obtain a response. Please observe a requester is not going to obtain a response if no matches are discovered, the requester just isn’t the beneficiary, or the requester doesn’t have authorized authority to acquire details about the deceased.
As a part of Life Insurance coverage Consciousness Month, the NAIC is internet hosting a Twitter chat to right misconceptions about life insurance coverage on September 17, 2019 at three PM ET, for folks to ask questions of consultants. Use the hashtags #ProtectTomorrow and #NAICInsuranceChat to take part.
Concerning the NAIC
As a part of our state-based system of insurance coverage regulation in the US, the Nationwide Affiliation of Insurance coverage Commissioners (NAIC) gives experience, information, and evaluation for insurance coverage commissioners to successfully regulate the trade and shield customers. The U.S. standard-setting group is ruled by the chief insurance coverage regulators from the 50 states, the District of Columbia and 5 U.S. territories. By the NAIC, state insurance coverage regulators set up requirements and greatest practices, conduct peer evaluations, and coordinate regulatory oversight. NAIC employees helps these efforts and represents the collective views of state regulators domestically and internationally. For extra data, go to www.naic.org.