How to find old life insurance policies (and other unclaimed property)

The case: A woman called us last year, trying to track down a life insurance policy that her grandmother had bought in 1971. The policy had been sold by one company to another.

"Makes me wonder how many policies go unclaimed," she said.
A lot. According to the New York Times, hundreds of millions of dollars each year.

So how do you track down a relative's old policy?

Gather as much information as possible: name, insurer and any relevant documents. Try to find the policy itself, which will have a number on it. Make sure you have a copy of the death certificate.

Tip: If you can't find the company, try going through the person's financial records, looking for payments made to an insurer. Also, look through old mail -- the company may have sent periodic statements or billing reminders. If you know which company they had their auto= or homeowners coverage with, consider contacting that company. People often use the same insurer for life insurance.

Then, make sure the company still exists, or if it merged with another company. If you live in Washington state, we can help with this, for free. Call us at 1-800-562-6900. If you live in another state, call your state's insurance regulator for help.

If you can't find any information, even the name of the company, you may want to pay a search company to run your relative's name against insurance industry databases or to contact a large number of insurers directly. Examples include companies like MIB Solutions or The Lost Life Insurance Finder Expert. (Note: mentioning a company or product on this blog ≠ endorsement.)

Other places to check:

If the policy goes unclaimed for a long time, insurers are supposed to turn the money over to state unclaimed property funds. Run your relative's name through these free, state-run online search sites. There are companies that will offer to do this for you, but you can easily and quickly run the checks online yourself. Here's Washington state's official unclaimed property site. And here's a list of similar official unclaimed property websites in other states.

Tip: Online companies can also search for unclaimed property for you, but with a little time at your computer and the sites listed above, you can do the same thing, for free, yourself.

As for that life insurance case, we helped the woman figure out the current company holding the policy and file a claim.

"This is incredible," she wrote. "We can't thank you enough."
Bonus round: Here are our tips if you're buying life insurance or an annuity.

Homesite Insurance agrees to refund $386,000 in overcharges to policyholders

Homesite Insurance Company of the Midwest has agreed to refund hundreds of thousands of dollars that it overcharged homeowners insurance policyholders in Washington state.

Insurance Commissioner Mike Kreidler is also fining the company $30,000.

Due to a computer issue, the company says, it used rates last year that were different from the rates approved by Washington Insurance Commissioner Mike Kreidler for that time period. The rates it charged had been approved for an earlier period.

As a result, Homesite overcharged 4,504 consumers a total of $386,578. (It also undercharged 2,140 customers $154,241, but those policyholders won't have to pay that.)

The company has agreed to contact the overcharged consumers and issue refunds, plus 8 percent interest, by Sept. 30th.

Wildfire burning near Chelan

The Associated Press (via the Seattle Times) is reporting that 80 firefighters and three helicopters are trying to douse a 250-acre wildfire near Chelan.

Fire crews, we've been told, hope to have the fire mostly contained by tonight.

As the summer fire season begins here in Washington, here are some important tips about wildfire preparedness, insurance and claims:

-Tips on wildfires and homeowners insurance

-More info: Tips on disaster preparedness and filing homeowners insurance claims

-Printable home inventory checklist

-How to contact the Federal Emergency Management Agency (FEMA)

Interesting AP story: Insurers hire firefighters to protect Colorado homes

The Associated Press is reporting that insurance companies have been hiring firefighters and sending them to protect high-value properties threatened by the Colorado wildfires. From the article:

For insurers, hiring their own crew is worth the cost. They spend thousands on well-equipped, federally rated firefighters, potentially saving hundreds of thousands, if not millions, of dollars to replace a home and its contents.

Insurance companies began sending crews to wildfires around 2006, said Paul Broyles, former head of fire operations at the National Interagency Fire Center, which coordinates federal firefighting efforts from Boise, Idaho.

Man charged after filing $20,000 insurance claim for fake dead cat

OLYMPIA, Wash. _ A Tacoma man is facing attempted theft and insurance fraud charges after filing a $20,000 claim for a fictitious dead cat, using pet photos he lifted off the internet.

“We’ve handled some pretty unusual fraud cases, but this is one of the stranger ones,” said Insurance Commissioner Mike Kreidler.

Yevgeniy M. Samsonov, 29, has been charged with first-degree attempted theft and felony insurance fraud in Pierce County Superior Court. Arraignment is set for July 11.

On March 27, 2009, Samsonov was involved in a minor traffic accident in Tacoma. A driver behind him was stopped at a traffic light when her foot slipped off the brake. Damage to both vehicles was very minor.

Samsonov filed a claim that included chiropractic treatment of soft tissue injuries. The other driver’s insurer, PEMCO, paid him $3,452.

Two and a half years later, Samsonov sought additional payment from PEMCO. He said that in addition to the vehicle damage and medical claim, his beloved cat Tom had been in the car and killed in the accident.

The company issued him a check for $50 to compensate him for the cat.

Samsonov then told PEMCO that he’d paid $1,000 for the cat, who’d been like a son to him. He wanted to be paid $20,000.

He sent the company two photos he said he’d taken of his cat. (See below.)

A PEMCO claims representative did a Google Images search and discovered identical cat images appearing on websites, blogs, Facebook pages, and Wikipedia posts about cats. The two images Samsonov submitted are actually of two different cats. One is named Lacy. Neither belonged to Samsonov.

PEMCO canceled its $50 check and forwarded the case to Kreidler’s anti-fraud unit.

Fireworks and homeowners' insurance

Yes, it's tempting to shoot off fireworks around the Fourth of July. Here are a couple of key things to know:

• If fireworks are not legal where you live, you may jeopardize your insurance coverage if someone is injured or property is damaged as a result of your shooting them off.
• On the other hand, fireworks-related damage to your property typically is covered if someone else -- not a family member -- is responsible.

Insure.com also has an article with some more scenarios and tips.

Prescription drugs and Premera

Crosscut's Harris Meyer has a story today about a clash between our office and Premera, one of the state's largest insurers:

Since 2009, Premera Blue Cross’s LifeWise unit has sold a high-deductible plan called Wise Essentials Rx, the only catastrophic-type plan in the state offering drug coverage. Its enrollment quickly zoomed to 45,000. But that plan and Lifewise’s standard plan covered only generic, not brand-name, prescriptions.

Earlier this year, Premera’s two main rivals, Regence BlueShield and Group Health Cooperative, filed requests to switch their standard plans for individuals from full to generic-only drug coverage. Group Health said it doesn’t favor a generic-only benefit but feared its plan otherwise would get swamped with sicker enrollees who couldn’t get brand-name drugs in other plans. All three insurers have reported losing money in the individual market.

Those requests prompted Insurance Commissioner Mike Kreidler to issue an emergency rule in February barring generic-only coverage. He said patients with multiple sclerosis, some types of cancer, AIDS, rheumatoid arthritis and certain forms of mental illness can’t necessarily be treated effectively with generics. The insurers’ moves, he warned, would leave most Washingtonians in the individual market without adequate drug coverage.

Click the link above for more on this situation, and why we responded the way we did.