Apr
8
8
In cases where a beneficiary doest not collect death benefits and the insurance company can’t locate them after a number of years, the money is returned back to the state from where the insurance policy was purchased. The full amount is turned over to the star comptroller department and deposited as unclaimed property. If the insurance company is not aware that the insured person had died they are not mandated to turn over the money to the state and if the state does not have a law pertaining to death benefits, then the money stays with the insurance company. Most of the companies have their own ways to look for the beneficiaries.