Is there a statute on insurance policies that have gone out of business?

Question

My father passed away in 1998, and left an insurance policy we found, that was paid off for 250,000 dollars. When we contacted the company it said that it was no longer in business. We were never contacted about them going out of business. It has taken 10 years to get information about what to do because, there was no fine print on the policy, in case this was to happen. Is there a statute of limitations on insurance policies in matters like these?

Answer 1

One of my friends asked me this kind of questions before,I found helpful here.http://insurance.online-frees.info/insur...

Answer 2

For life insurance, all policies are transferred to another insurance company, so the claim IS payable, as long as the policy was in force AT THE TIME OF DEATH.  Even if it's 10 years later.

You need to find out which insurance company has taken over, for the one that has gone out of business.  There are several websites that can help you out with this:

https://external-apps.naic.org/orphanedp...

https://apps.tdi.state.tx.us/pcci/pcci_s...

Are the places I'd start.

Answer 3

Inusrance company's are usually bought.  They generally don't go out of business.  Somebody would have been servicing the policy if it was still in force.  Try to find out who bought the company and their assets and call the state insurance department.