Tag: california life insurance

Californians received $17.3 million in lost life insurance benefits in 2017 alone

Julie Campbell
Life insurance benefits - US Money

Residents of the state are being advised to use an official tool to check if they are owed money. In 2017, residents of California received $17.3 million from lost life insurance benefits. This is a striking reminder to Californians to find out whether they might be beneficiaries of lost policies. Everyone who received the money the benefits last year did not realize they were a life insurance beneficiary. Not knowing that you are due life insurance benefits is quite common. This means that many people are due substantial sums of…

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Millions of dollars in life insurance benefits owed to unknowing Californians

Julie Campbell
agent discussing life insurance benefits

There are thousands of people living in the state who are owed large amounts of unclaimed money. Officials in California have now said that thousands of people across the state are owed millions of dollars in life insurance benefits – sometimes in amounts that are greater than $100,000 – and that many of these individuals have no idea that this money is owed to them. The California Controller’s Office said that some insurance companies haven’t made any effort to find beneficiaries. According to the Controller’s Office, in many cases, there…

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Life insurance case won by Frankie Valli

Julie Campbell
Frankie Vallie Life Insurance Wowes

A California court overturned a previous decision that the celebrity’s ex-wife would be able to claim the policy. Frankie Valli, celebrity and music legend, has been undergoing an extremely complex and messy divorce, which has involved a considerable case regarding whether or not his ex-wife would be able to claim his life insurance policy. This case looked into a common and very murky part of divorce law in California and how it involves policies. Although it had previously been decided that Randy Valli would be able to receive the full…

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Life insurance fraud culprits caught faking death

Julie Campbell
insurance fraud

A family has been accused of making false claims on a number of policies totaling over $1 million. A former resident of Toronto, Canada, was discovered living in California after having made claims on several life insurance policies in his name half a decade ago, allowing his family to collect. This fraud against the insurers racked up payouts of over $1 million for the individual’s family. The fraudsters took out a number of life insurance policies on the man and then faked his death so that they would be able…

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Life insurance settlements in California reach $763 million

G. Turner
Life Insurance

So far, there have been 11 insurers that have joined into the multistate agreement to pay. According to John Chiang, the California State Controller, there have been 11 life insurance companies that have now signed the multistate settlements for unpaid benefits of up to $763 million. These settlements were the result of a half decade investigation conducted by Mr. Chiang and his team. This investigation looked into the compliance that the life insurance industry has maintained with the unclaimed property laws in California. What his research revealed was that companies…

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