Some nontraditional products, such as universal life insurance, are unbundled. See also bundled insurance product. Under typical state statutes for unclaimed property, when an insurer cannot locate anyone entitled to policy benefits, the insurer will hold the unclaimed benefits for seven years and then turn them over to the state. Usually, the unclaimed property statute of the state of the beneficiary s last known address applies. If no address is known, the statute of the insurer s state of domicile will govern.
Insurers typically hold unclaimed property for seven years.
If the rightful owner is not found during this time, the property is turned over to the state. Also known as escheat laws. See also unclaimed benefits. The person who assesses and classifies the degree of risk that a proposed insured represents. The person or organization that guarantees that money will be available to pay for losses that are insured against.