Herald-Dispatch, The (Huntington, WV)
The Herald-Dispatch
CHARLESTON - State Treasurer John Perdue's workplace experiences it has returned practically $1 million in unclaimed life insurance coverage proceeds to beneficiaries for the reason that starting of fiscal 2019, persevering with its lengthy marketing campaign on the patron problem.
The Treasurer's Workplace Unclaimed Property Division returned $953,074 in life insurance coverage advantages from July 1, 2018, to Jan. 16, 2019. These are life insurance coverage insurance policies through which the insured died and unbeknownst beneficiaries weren't paid by the businesses. Proceeds have been reported as unclaimed property, and the Treasurer's Workplace knowledgeable beneficiaries and paid them.
"Typically, dad and mom and grandparents do not successfully talk that a life insurance coverage coverage exists," Perdue stated in a information launch. "If one does not know he's the beneficiary of such a coverage then she or he can hardly file a declare for misplaced property, or unclaimed property."
In 2012, Perdue took his argument to circuit courtroom again, progressively igniting a rise of cash reported and returned to such beneficiaries. That 12 months, 20 claims resulted in an approximate $24,000 returned; in every succeeding fiscal 12 months, that whole swelled from $78,000 in 2013 to $1.1 million in FY 2018.
Roughly $5.1 million in life insurance coverage profit claims have been returned in state historical past. Of that quantity, $four.1 million - or 80.three p.c - has been returned since Perdue started authorized motion.
Of the $four.1 million returned beneath Perdue's administration, $2 million of that has been processed in lower than the final two fiscal years.
"We proceed to work on the transfers to unclaimed property stemming from our unique courtroom motion," Perdue stated. "We're clearly excited in regards to the future in the case of this venue.
"Merely put, we wish individuals to have what's theirs."
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