States are investigating whether some of America’s largest life insurers are failing to ensure that they pay out on policies of deceased customers. This is a battle that could result in hundreds of millions of dollars going to consumers and state coffers. About three years ago, Verus Financial LLC, a little-known auditing firm, tried to get cash-strapped states to identify unclaimed life policies that those states could seize as abandoned property. Some 35 states eventually signed up for the project, agreeing to give the audit firm a portion of any money recovered. The Waterbury, Conn., firm is now examining nearly two dozen insurers. It will be very interesting to see how this works out.
Source: Wall Street Journal
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