I found out thru the BBB that the business has closed and there was no forwarding address or phone numbers left for the company. The policy is paid up till age 25, however now that I am trying to find out info to take it over I am finding out the company is closed. I am planning to contact the dept of insurance for the state tomorrow but what are my options legally? Did the company have to legally transfer my policy or did they have to insure my policy in case of the company going bankrupt? What happens now?
2006-12-12 13:35:06 · 7 answers · asked by amason1226 4 in Business & Finance ➔ Insurance
The company closed..I don't believe it was particularly purchased thru an agency. Although I'm not 100% sure because it was purchased by my grandparents for me back in 1983.
2006-12-12 13:45:48 · update #1
Oh and..it was purchased by them when they lived in Oklahoma..I lived in Oklahoma at the time also. The company was based out of Chicago, IL (which is also why I don't believe they necessarily went thru an agency) and I currently live in Ohio. Should I call IL, OH or OK? I'm guessing IL but not sure.
2006-12-12 13:47:05 · update #2
This is a very frustrating situation. I ran into a similar problem as the executor of my father's estate. It took persistence and a lot of time (phone calls, letters, etc.), but I finally collected on an old policy he had bought back in the 40s, despite the fact that the companies over the years had closed and/or changed multiple times. The State Commissioner of Insurance is definitely the best place to start, and they should be able to advise you as to where to go and what to do next. Stick with it! Good luck!
2006-12-12 13:42:00 · answer #1 · answered by Barbara E 1 · 1⤊ 0⤋
I'd advise that you give the OK Department of Insurance a call first, since the policy was issued there. Since the company was a licensed entity, the OK-DOI should be able to tell you if the company's business was purchased by another company or not. If it wasn't, ask the DOI for the telephone number of the OK Life and Health Guarantee Corporation (this is not a state fund, as another answerer wrote, but a private corporation). Call the Guarantee Corporation and have them explain your rights. Depending upon OK law at the time the policy was issued, there may also be a one or two page notice in the policy that explains about the Guarantee Corporation; this has been the law in my state for at least 30 years.
I hope this helps. Please let me know if you have any further questions.
2006-12-12 23:42:28 · answer #2 · answered by Suzanne: YPA 7 · 0⤊ 0⤋
OK, are you talking about the COMPANY that closed, or the AGENCY? It's crucial.
If your policy is through an admitted carrier in your state, and the company really did go under, there's a state fund to pay claims for the bankrupt company.
Your state insurance department will be able to give you more info.
2006-12-12 13:39:34 · answer #3 · answered by Anonymous 7 · 0⤊ 0⤋
it somewhat is solid that they are keen to inspect. i'm unsure in spite of each and every thing this time in the event that they could definitively make certain no remember if something replaced into ever paid out or no longer. As for interest, the words of the coverage could handle this situation. unsure in case you have the full rfile, yet once you do, start up analyzing. desire this works out on your prefer.
2016-12-30 08:13:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
they probably transfer ed your policy to another company. Many companies will sell the policy to another when they close down.
Check it out
2006-12-12 13:38:25 · answer #5 · answered by Yahoo Answer Rat 5 · 0⤊ 0⤋
I would start by contacting your state insurance board....they will be able to help you and investigate the issue.
2006-12-13 01:30:29 · answer #6 · answered by JC 2 · 0⤊ 0⤋
DO A COMPUTER SEARCH ON THAT COMPANY NAME.
IT SHOULD SHOW WHICH COMPANY NOW HAS THOSE RECORDS AND RESPONSIBILITY.
2006-12-12 13:39:48 · answer #7 · answered by cork 7 · 0⤊ 1⤋