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Unclaimed Property Insurance Info |
Insurance was invented and introduced at the initial stage of
development of economic relations of humanity. This type of service has
been renovated and modified throughout the centuries. Nowadays,
insurance is one of the most demanded financial services represented by
both large insurance companies united into international groups and
smaller local ones. Insurance
refers to a guarantee of financial
support of a negative event previously stated in an agreement.
Policyholders get paid in case of a disease, invalidity or any type of
loss. Insurance policy is a legal document certifying
customers’
rights to get a complete set of services or financial coverage in case
of a contingency. Insurance companies put forward a number of different
insurance programs, such as auto, business, traveling, mortgage life
insurance and
others.
In case of occurrence of an insured event customers are supposed to
contact their companies in order to claim benefits. As a matter of
fact, certain amount of policies remains unclaimed due to a number of
reasons, among them being: policyholder’s death and absence
of
legal beneficiaries; his/her moving to another city/country without
notification etc. These circumstances may result in impossibility to
make unclaimed property
insurance payments. As far as statistical data are concerned, unclaimed
property insurance
policies make up to 3% of the total amount of issued
certificates. Unclaimed
property insurance assets in the countries with stable business
traditions (e.g. USA or developed European countries) are worth
billions. This type of assets is known to be kept at the state unclaimed
property department by
law. |
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