Newspaper article Charleston Gazette Mail

Greed ; Profiteering Insurers

Newspaper article Charleston Gazette Mail

Greed ; Profiteering Insurers

Article excerpt

West Virginians pay faithfully for life insurance policies then they die, perhaps without close survivors, and relatives may not know that the policies exist. therefore, no claim is made for the insurance payouts.

When this happens, greedy insurance firms want to keep the money quietly instead of giving it to beneficiaries (who never knew they were beneficiaries).

Last year, state Treasurer John Perdue won a victory against this scummy practice.

He appealed to the state Supreme Court, which ruled unanimously that insurers cannot simply pocket such payouts.

If no beneficiaries are found, the court held, insurers must pay the proceeds to the state as unclaimed property. Afterward, the treasurer advertises names of all possible recipients, and much of the money eventually gets to rightful owners.

It was a fair solution for a problem that affects a few families. …

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