(a) Funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if unclaimed for more than 3 years after the funds became due and payable as established from the records of the insurance company holding or owing the funds.
(b) If a person other than the insured or annuitant is entitled to the funds and an address of the person is not known to the company or it is not definite and certain from the records of the company who is entitled to the funds, it is presumed that the last known address of the person entitled to the funds is the same as the last known address of the insured or annuitant according to the records of the company.
(c) For purposes of this section, a life or endowment insurance policy or annuity contract not mature by actual proof of the death of the insured or annuitant according to the records of the company is matured and the proceeds due and payable if:
(1) The company knows that the insured or annuitant has died; or
(2)(A) The insured has attained, or would have attained if the insured were living, the limiting age under the mortality table on which the reserve is based;
(B) The policy was in force at the time the insured attained, or would have attained, the limiting age under the mortality table on which the reserve is based; and
(C) Neither the insured nor any other person appearing to have an interest in the policy within the preceding 5 years, according to the records of the company, has assigned, readjusted, or paid premiums on the policy, subjected the policy to a loan, corresponded in writing with the company concerning the policy, or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the company.
(d) For the purposes of this section, the application of an automatic premium loan provision or other nonforfeiture provision contained in an insurance policy does not prevent a policy from being mature or terminated under subsection (a) of this section if the insured has died or the insured or the beneficiary of the policy otherwise has become entitled to the proceeds of the policy before the depletion of the cash surrender value of the policy by the application of those provisions.
1981 Ed., § 42-207.
This section is referenced in § 41-117.
For temporary amendment of section, see § 1701(d) of the Fiscal Year 1998 Revised Budget Support Emergency Act of 1997 (D.C. Act 12-152, October 17, 1997, 44 DCR 6196), and see § 1701(d) of the Fiscal Year 1998 Revised Budget Support Congressional Review Emergency Act of 1997 (D.C. Act 12-239, January 13, 1998, 45 DCR 508).
Section 1701(d) of D.C. Law 12-59 substituted “3 years” for “5 years” in (a).
Section 2001(b) of D.C. Law 12-59 provided that the act shall expire after 225 days of its having taken effect.
Uniform Law: This section is based upon § 7 of the Uniform Unclaimed Property Act (1981 Act).