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Idaho Statutes Title 14. Estates of Decedents § 14-5-210. Knowledge of death of insured or annuitant

Current as of January 01, 2024 | Updated by Findlaw Staff

(1) As used in this section, “death master file” means the United States social security administration death master file or other database or service that is at least as comprehensive as the United States social security administration death master file for determining that an individual has died.

(2) With respect to a life or endowment insurance policy or annuity contract for which an amount is owed on proof of death, but which has not matured by proof of death of the insured or annuitant, the company has knowledge of the death of an insured or annuitant when:

(a) The company receives a death certificate or court order determining that the insured or annuitant has died;

(b) Due diligence performed as required under section 41-3002, Idaho Code, to maintain contact with the insured or annuitant or to determine whether the insured or annuitant has died validates the death of the insured or annuitant;

(c) The company conducts a comparison for any purpose between a death master file and the names of some or all of the company's insureds or annuitants, finds a match that provides notice that the insured or annuitant has died, and validates the death;

(d) The administrator or the administrator's agent conducts a comparison for the purpose of finding matches during an examination conducted under part 10 of this chapter between a death master file and the names of some or all of the company's insureds or annuitants, finds a match that provides notice that the insured or annuitant has died, and the company validates the death; or

(e) The company:

(i) Receives notice of the death of the insured or annuitant from an administrator, beneficiary, policy owner, relative of the insured, or trustee or from a personal representative, executor, or other legal representative of the insured's or annuitant's estate; and

(ii) Validates the death of the insured or annuitant.

(3) The following rules apply under this section:

(a) A death master file match under subsection (2)(c) or (d) of this section occurs if the criteria for an exact or partial match are satisfied as provided by:

(i) Law of this state other than this chapter;

(ii) A rule or policy adopted by the Idaho department of insurance; or

(iii) Absent a law, rule, or policy under subparagraph (i) or (ii) of this paragraph, standards in the national council of insurance legislators' “Model Unclaimed Life Insurance Benefits Act,” as published in 2014;

(b) The death master file match does not constitute proof of death for the purpose of submission to an insurance company of a claim by a beneficiary, annuitant, or owner of the policy or contract for an amount due under an insurance policy or annuity contract;

(c) The death master file match or validation of the insured's or annuitant's death does not alter the requirements for a beneficiary, annuitant, or owner of the policy or contract to make a claim to receive proceeds under the terms of the policy or contract; and

(d) If no provision in chapter 30, title 41, Idaho Code, establishes a time for validation of a death of an insured or annuitant, the insurance company shall make a good faith effort using other available records and information to validate the death and document the effort taken no later than ninety (90) days after the insurance company has notice of the death.

(4) This chapter does not affect the determination of the extent to which an insurance company before July 1, 2024, had knowledge of the death of an insured or annuitant or was required to conduct a death master file comparison to determine whether amounts owed by the company on a life or endowment insurance policy or annuity contract were presumed abandoned or unclaimed.

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Cite this article: FindLaw.com - Idaho Statutes Title 14. Estates of Decedents § 14-5-210. Knowledge of death of insured or annuitant - last updated January 01, 2024 | https://codes.findlaw.com/id/title-14-estates-of-decedents/id-st-sect-14-5-210/

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