Met Life to Give Money Back to 12,000 Oklahomans

By Titus, Nancy Raiden | THE JOURNAL RECORD, September 26, 1990 | Go to article overview

Met Life to Give Money Back to 12,000 Oklahomans


Titus, Nancy Raiden, THE JOURNAL RECORD


Metropolitan Life Insurance Co. is looking for people in Oklahoma and planning to give them money.

This is part of the MetLife Family Reunion program, which was launched in June to find 12,000 Oklahomans who hold paid-up life insurance policies worth a total of $15 million to $16 million.

``This automatically makes for a neat re-establishment of contact,'' said Jay Stout, administrator of the 50 Penn Place office in Oklahoma City and president of the Veterans Association for MetLif for Oklahoma. The Veterans Association is for people who have been with the insurance company for 20 years or more.

``The company is trying to give back money to people so that it doesn't have to be given to the state," he said. "It is not the state's money, and it is not Metropolitan's money. It's the people's money.''

The industrial policies, as they were called, were issued between 1879 and 1965, and had weekly premiums of a nickel or less. An agent went out each week to collect the premiums. The face values of the policies are $1,000 or less and could be worth up to four times their original value, Stout said.

In 1964 the company waived premiums for these small policies.

``Many people forgot they had them,'' he said. ``When they were first bought, many of the policies were worth $500, now they are worth $2,000.''

So far, the program has located approximately 5,000 people with paid-up policies in Oklahoma, Stout said.

``These were the people who helped to make Metropolitan the giant it is today,'' Stout said.

More than 140 MetLife sales associates in 15 Oklahoma branch offices have been involved in the search. A barbecue was given over the weekend in Tulsa and about 2,000 newly located policyholders attended, Stout said.

Oklahoma's program coincides with the company's ``Year of the Client'' slogan. The state is the third to be involved in the reunion program which has already targeted Connecticut and Rhode Island. The program will eventually cover the nation, Stout said.

Oklahomans who believe they are the owners of these policies may contact MetLife Family Reunion, 1 Madison Avenue, New York, NY 10010 for more information. . .

- Electronic Data Systems recently signed a five-year agreement to provide data processing and back-office services to First Fidelity Bank NA, 1400 S. Meridian Ave.

First Fidelity, which has three branch offices including the recently acquired Capital National Bank, will process out of Electronic Data Systems' center in Oklahoma City. . .

- The Homer Miller Co. of Oklahoma City has earned a seat at the specialty advertising industry's annual multi-million dollar roundtable, which recognizes those industry distributors whose annual sales reached $2 million or more in 1989, according to the Advertising Specialty Institute, the industry's trade information center.

Specialty advertising utilitizes coffee mugs, T-shirts, caps and pens, said Virginia Martin, administrative coordinator. …

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Met Life to Give Money Back to 12,000 Oklahomans
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