- 5 Ways to Develop a Strong CEO Brand Young Entrepreneur Council
Distributions from owner of int. (non-ADR)?
I've just learned that my father had carried a life insurance policy and in 2002, Principal life Ins. sent out a check for Distributions from owner of int. (non-adr).I was told that since I'm the listed benificary (and only survivor) that it is mine. What is this pay-out? He started the policy in the late 60's and passed away in 1993. Also, wouldnt the ins. comp. be obligated for the full death benifits since the policy was in effect when he died. I know squat about life insurance and New York State Unclaimed funds wont tell me anything till they verify who I am. (understandably) The suspense is just driving my wife,kids,and my self nuts. Thank You8 years ago - 3 answers
The check you are getting is not the payout of the insurance policy. That likely already got paid out in 1993.
The check you are getting is likely for your share of a de-mutualization that Principal and a number of other insurers went thorugh years ago. Mutual insurers are owned by their policyholders. Demutualization is the proces by which they convert from policyholder owned to investor owned. The policy holders are supposed to get paid out for their ownership stake in the company.
The money from the actual insurance policy was likely paid out in 1993 and you should have gotten some of that if you were the beneficiary.
But the insurance company probably didn't know where you were when they had to pay out the dividends due policyholders (or their survivors) from the demutualization. Most of that money went to the unclaimed fund bureaus that each state has.
My mom just got a check from John Hancock from their demutalization in the 1990s that went unclaimed until I found it for her.
That's very likely what this is.
Hard to say - the company knows what the polciy amount is for, so you'll have to ask them.
If this is a whole life policy, or variant thereof, AND he borrowed money against it, you would get the face value of the policy less the borrowed amount.
was he receiving payments from this every month, quarter, etc? if so, it sounds like he may have an annuity of some sort. you may want to check his bank records to verify this. if he was making payments, then more than likely it would have been a life insurance policy. you can call the insurance company to verify if the policy was active when he passed - they should be able to tell you at least that without verification. also, if you are listed as his executor/administrator, you can provide the company with legal documentation to verify that. once they can verify that you are authorized to receive the information then they should be able to tell you how the distributions were paid out on the policy.by Carrie - 7 years ago