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I need to ask...

I need to ask a lawyer familiar with Life Insurance laws. A company in Ohio just notified me of a policy my father had purchased listing me as beneficiary in 1955. He died in 1982. I was not aware policy existed. Face value is only $5,000. I feel they should pay interest for the 35 years they held money without notifying me. If so is there any law about the %interest fair to pay?

Lawyer's Assistant: Has anything been filed or reported?

Yes all has been filed and I received a check for $14,250. This is payment at 3%. I have not cashed. Told them not to send until I see copy of policy. They refuse to give me a copy. And sent check anyway. What should I do? Or is this a fair amount?

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No. Guess not.

Submitted: 7 months ago.Category: Legal
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Answered in 5 minutes by:
11/29/2017
Lawyer: Barrister, Attorney replied 7 months ago
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 42,514
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

I was not aware policy existed. Face value is only $5,000. I feel they should pay interest for the 35 years they held money without notifying me. If so is there any law about the %interest fair to pay?

Unfortunately, the insurer has no legal duty to track down a beneficiary of an insurance policy to pay them. The burden is on the beneficiary to actually contact the insurer and file a claim for the benefit amount. Since the money is sitting there waiting on the beneficiary as a liability to the insurer, they don't have any legal duty to invest the money for the beneficiary or pay them extra for not paying it out earlier..

.

But almost tripling in value from face value when there is no law requiring them to pay more than face value is not a bad return.

.

If you wanted to get a copy of the policy, whoever the executor of his estate was could send a written request for a copy of it (if there was an estate filed)

.

.

thanks

Barrister

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Lawyer: Barrister, Attorney replied 7 months ago

Hello again,

.

I just wanted to touch base with you and check in.

.

Did you have any further questions I can help with?

.

.

Thanks much

Barrister

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