How can I locate a lost life insurance policy?

If a family member dies and you are unable to locate his or her life insurance policies, there is, unfortunately, no national or statewide database of all life insurance policies that you can consult. However, you can try to determine:

• which insurance company might have issued the policy
• which agent or broker might have sold or serviced the policy
• whether the deceased might have had insurance through an employer, union or trade association, or other group to which he/she belonged.

Here are some strategies that might turn up useful information:

1. Look for insurance-related documents.
   Search through files, bank safe deposit boxes, and other storage places to see if there are any insurance-related documents. Also, look through address books to see if the names of any insurance agents or companies are listed. An agent or company who sold the deceased their auto or home insurance may know about the existence of a life insurance policy.
2. Contact current and prior financial advisors.
   Contact current or prior attorneys, accountants, investment advisors, bankers, business insurance agents/brokers and others who might have known about the deceased’s life insurance.
3. Review life insurance applications.
   The application for each policy is attached to that policy. So if you can find any of the deceased’s life insurance policies, look at the applications for them. The application will have a list of all other life insurance policies owned at the time of the application.
4. Contact previous employers.
   Former employers may have a record of a past group policy or policies.
5. Check bank books and canceled checks.
   See if any checks have been made out to life insurance companies over the years.
6. Check the mail for a year following the death of the policyholder.
   Look for premium notices or dividend notices. If a policy has been paid up, there will no notice of premium payments due. However, the company may still send an annual notice regarding the status of the policy or it may pay or send notice of a dividend.
7. Review the deceased’s income tax returns for the past two years.
   Look for interest income from and interest expenses paid to life insurance companies. Life insurance companies pay interest on accumulations on permanent policies and charge interest on policy loans.
8. Contact all relevant state insurance departments.
   The National Association of Insurance Commissioners has a “Life Insurance Company Location System” to help you find state insurance department personnel who might help identify companies that might have written life insurance on the deceased. To access that service, go to the NAIC's Life Insurance Company Location System.
9. Check with the state's unclaimed property office.
   If a life insurance company knows that an insured client has died but can’t find the beneficiary, it must turn the death benefit over to the state in which the policy was bought as “unclaimed property.” If you know (or can guess) where the policy was bought, you can contact the state comptroller’s department to see if it has any unclaimed money from life insurance policies belonging to the deceased.
10. Contact a private service that will search for “lost life insurance.”
    Several private companies will, for a fee, contact insurance companies for you to find out if the deceased was insured. This service is often provided through their Web sites.
11. Do you think the life insurance might have been bought in Canada?
    If so, you might contact the Canadian Life and Health Insurance Association (phone: 1-800-268-8099).
12. Try the MIB database.
    There is a database of all applications for individual life insurance that were processed during the last 12 years. There is a $75 charge per search. Many searches are not successful: a random sample of searches found only 1 match in every 4 tries. For more information, go to MIB's Consumer Protection page.

Carjacking - What Not to Do

The victims of an attempted carjacking in Austin, Texas caused a collision with the assailants' car before the assailants could flee the scene. Four males pulled up beside the victim's truck. Two men exited the vehicle and pointed a gun at the driver demanding him to get out of the truck. The driver of the truck attempted to flee in his truck and a shot was fired. The suspects followed and eventually cornered him in a cul-de-sac. As three of the men got out of their vehicle and approached the truck, the driver rammed into their vehicle and pushed it up against an embankment before escaping. "Suspects Arrested in Failed Carjacking," KXAN (Sept. 21, 2010).
Click here to read more to protect yourself......

Antique Insurance Coverage: What Collectors Need to Know to Safeguard Their Treasures

Winter Antiques Show In New York City This Week; Shows In Other Cities Begin Soon

January 25, 2011

INSURANCE INFORMATION INSTITUTENew York Press Office: (212) 346-5500; media@iii.org

NEW YORK, January 25, 2011— The 57^th annual Winter Antiques Show, considered the premiere antiques show in the country, began January 21 and continues through Sunday, January 30, at the Park Avenue Armory in Manhattan. Whether in the market for American, European or Asian objects, now is the time for antique collectors to review their insurance coverage, according to the Insurance Information Institute (I.I.I.).

 

“If you have homeowners insurance, there is coverage for personal property, but there are also limits to the value of goods insured under that policy. A large collection of antique art, antique furniture, and heirloom and estate jewelry will need a special rider or separate insurance,” advised Loretta Worters, vice president, I.I.I. “The precious antiques a homeowner has spent years amassing could be subject to fire, theft and a host of other perils, so it’s important to have your valuable possessions appraised and properly insured.” 

Click here to read more on how to value and protection your antiques.

Safe Winter Driving

Safe driving and good car maintenance take center stage in winter. Frigid temperatures and severe snowstorms are a reminder to be cautious on the road, especially as we experienced here in metro Atlanta last week.

INSURANCE INFORMATION INSTITUTE
New York Press Office: (212) 346-5500; media@iii.org

NEW YORK, December 15, 2010 — Given that at one point this week the day time temperature was lower in Florida than in Maine, the need to operate safely a well-maintained motor vehicle as winter approaches has gained national attention, according to the Insurance Information Institute (I.I.I.). Winter begins on Tuesday, December 21.

“Drivers should always keep their front and rear windshields clear, focus on operating their vehicle, and avoid speeding. But these safety measures are even more critical as motorists navigate windblown, icy and snow-covered roadways,” said Michael Barry, vice president of Media Relations for the I.I.I.

Click here to learn more.

Dog Restraint & Driving

Approximately 80 percent of pet owners say they have driven with their pets on car trips including day trips, local errands and longer vacations. Only 17 percent use some form of pet restraint system when driving their dog according to the American Automobile Association (AAA). "Driving With Pets: Dangerous Distraction," www.cbs.com (Aug.18, 2010).

Commentary

It is important to keep pets restrained in an enclosed area while driving for the safety of both the driver and the pet. Unrestrained pets serve as a distraction to the driver, which is as dangerous as texting or talking on a cell phone while operating a vehicle.

Click here to read more.....

Avoiding Aggressive Drivers

Approximately 6,800,000 crashes occur each year in the United States according to the National Highway and Transportation Administration (NHTSA). A substantial number of these crashes are caused by aggressive driving. "Aggressive Driving" NHTSA (Aug. 27, 2010).

Statistics compiled by the NHTSA and the American Automobile Association (AAA) show that nearly 13,000 people were injured or killed between 1990 and 1997 in crashes caused by aggressive driving.

Click here to read more.

Home repairs shouldn't be part of family budget cuts

As families tighten their budgets, there are some things homeowners should never cut out, experts say.
Home maintenance can end up costing much more if it is not taken care of in a timely fashion, said Karen King, marketing director for DogGoneHandy, an Atlanta-based maintenance company. “And we often see things that would have cost the homeowner less if they’d taken care of it earlier,” she said.
While there are few statistics on who keeps up with home maintenance and who does not, industry experts say the economy has caused many to pull back on certain repairs.

Please click here for the rest of the article from the Atlanta Journal Constitution