Schenectady, NY asked in Consumer Law and Insurance Bad Faith for New York

Q: 1. How to find life insurance company's divisible surplus for last 15 to 30 years? insurance class? $0 div?

year 1968 participating $5,000 whole life policy. no dividends for last 15 years. Prior to that, div increased each year (to $96) then decreased in the next 4 yrs to zero; for 12 yrs $0 , however cash value increased each yr ($3,900 currently and increases a small amount each yr), no loans , paid premium each yr.

contract states "div on divisible surplus". Asked about div $0. Reply:"With low interest rates and increasing mortality on this insurance class, the dividend scales have diminished. Dividends are not guaranteed. They are based upon the divisible surplus for each insurance class. The class is based on plan of insurance, issue age, sex and issue year. The insureds for this class are now between the age of 75 and age 76. Mortality and interest are what determines the divisible surplus. With this class we are experiencing higher mortality which is coming out of the reserves, and with record low interest rates, the return on the reserves is small. " no div

1 Lawyer Answer
Jonathan David Warner
Jonathan David Warner
  • Albany, NY
  • Licensed in New York

A: I'd recommend looking into New York's State's Unclaimed Funds registry, which can be found by clicking on this link:

If you're entitled to funds that are unclaimed, they might be held by the State in escrow.

Good luck with your case!

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