Idaho State Statutes - Idaho Attorney Directory

(1) Funds held or
owing under any life or endowment insurance policy or annuity contract that
has matured or terminated are presumed abandoned if unclaimed for more than
five (5) years after the funds become due and payable as established from the
records of the insurance company holding or owing the funds, but property
described in subsection (3)(b) of this section is presumed abandoned if
unclaimed for more than two (2) years.
(2) If a person other than the insured or annuitant is entitled to the
funds and an address of the person is not known to the company or it is not
definite and certain from the records of the company who is entitled to the
funds, it is presumed that the last known address of the person entitled to
the funds is the same as the last known address of the insured or annuitant
according to the records of the company.
(3) For purposes of this chapter, a life or endowment insurance policy or
annuity contract not matured by actual proof of the death of the insured or
annuitant according to the records of the company is matured and the proceeds
due and payable if:
(a) The company knows that the insured or annuitant has died; or
(b) 1. The insured has attained, or would have attained if he were
living, the limiting age under the mortality table on which the
reserve is based;
2. The policy was in force at the time the insured attained, or
would have attained, the limiting age specified in subparagraph 1.;
and
3. Neither the insured nor any other person appearing to have an
interest in the policy within the preceding two (2) years, according
to the records of the company, has assigned, readjusted, or paid
premiums on the policy, subjected the policy to a loan, or
corresponded in writing with the company concerning the policy.
(4) For purposes of this chapter, the application of an automatic premium
loan provision or other nonforfeiture provision contained in an insurance
policy does not prevent a policy from being matured or terminated under
subsection (1) of this section if the insured has died or the insured or the
beneficiary of the policy otherwise has become entitled to the proceeds
thereof before the depletion of the cash surrender value of a policy by the
application of those provisions.
(5) If the laws of this state or the terms of the life insurance policy
require the company to give notice to the insured or owner that an automatic
premium loan provision or other nonforfeiture provision has been exercised and
the notice, given to an insured or owner whose last known address according to
the records of the company is in this state, is undeliverable, the company
shall make a reasonable search to ascertain the policyholder's correct address
to which the notice must be mailed.
(6) Notwithstanding any other provision of law, if the company learns of
the death of the insured or annuitant and the beneficiary has not communicated
with the insurer within four (4) months after the death, the company shall
take reasonable steps to pay the proceeds to the beneficiary.
(7) Commencing two (2) years after the effective date of this chapter,
every change of beneficiary form issued by an insurance company under any life
or endowment insurance policy or annuity contract to an insured or owner who
is a resident of this state must request the following information:
(a) The name of each beneficiary, or if a class of beneficiaries is
named, the name of each current beneficiary in the class;
(b) The address of each beneficiary; and
(c) The relationship of each beneficiary to the insured.

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