Category: Insurance

tips on how to Locate Unclaimed Money

Posted on by blogger

What is and why is there unclaimed money? Unclaimed Money or Property encompasses any financial obligation that is due and owed to another party (customer, vendor, employee, contributor, etc.). The key rule to remember is that this property never becomes the organizations property it always belongs to the person or entity owed. Unfortunately, many organizations do not realize that un cashed checks, escrow balances, customer deposits, mysterious credits, and unclaimed payroll and insurance benefits qualify as unclaimed property. These organizations are often referred to as the Holder of the abandoned money or property.

1.Once the abandoned money or property is remitted to [escheated] to the State in which the Owner was last known to have resided the “dormancy period” for that type of abandoned property has expired. The typical dormancy periods in most States of three to five years that means that an organization can only keep these items on their books and retain the associated funds for this period of time and then it must escheat / remit the funds to the appropriate State. Once the abandoned money reaches the State, the money or property is called referred to as unclaimed money or property.

2.An issue can be that can have his abandoned money or property escheated to a State in which the Owner has never lived. If the Holder of the abandoned money or property is headquarters in a different State, the abandoned money will be escheated / remitted to that State. For example many large publicly traded Companies with office or branches throughout the country are headquartered in a State such as Delaware.

3.Unfortunately, the laws governing the unclaimed money are both complex and vary from State to State. Complex for both the Owner of the unclaimed money and the Holder of the abandoned money. The challenge with regard to unclaimed property laws is that they are complex. Each state has its own set of laws. Even if you only have property to report to one state, many states require the filing of “negative” reports, meaning it is your obligation as an organization to tell them you have nothing to report. But you very likely have liability to more than one state, each with its own dormancy periods and rules on how to report each of the more than 100 different property types that can become classified as unclaimed property.

4.The format of the States unclaimed money database also varies widely:
The fields of information or data points are varies and not consistent; many States by law cannot display the actual dollar amount
If a dollar amount is displayed and the amount is “$0.00” or “unknown”, that does NOT mean that there is no unclaimed money but rather the unclaimed property cannot valued. Examples would be if the unclaimed property is stock(s) or a Bond whose value can change daily..IF the State has not yet sold the stock(s) or Bond. Another example would be jewelry or precious coins found in an abandoned Bank Safety Deposit Box. Its value is moot and cannot be accurately valued.

5.One needs to be savvy while searching for possible unclaimed money or property;
Check any State in which one has resided
Women should check both maiden, married and divorced last names
Never use a single apostrophe. i.e.) if last name is O’Brian, the last name search would be OBrian.
A search for a Business unclaimed money must be the Companys exact name:
The Auto Glass Co. not Auto Glass Company
A & B Company not A and B Company
Check the common varies spellings of specific last names as:
Thompson, Thomson
Smith, Smyth
Robertson, Robinson
Schmidt, Schmid, Schmit, Schmitt
Barry, Berry
OBrian, OBrien

6.Some States do not list the unclaimed money in their public database until 2 years after the lost property has been escheated to them. Most States Unclaimed Property Divisions are understaffed so updating their databases can be belated. So keep checking regularly and frequently.

7.States are meant to be the Custodians of the unclaimed property that means that they honor the Owners or Claimants or his heirs to claim the unclaimed asset for perpetuity. However, a few States have quietly passed laws by which if the unclaimed property is not claimed in 10 years, the property is reverted to the State as its property. Indiana is one of these States.

8.Although non-compliance was largely ignored in past years, the growth of state budget deficits led by the current economic downturn has brought the issue to the front burner.While most states have departments committed to returning unclaimed property to the actual owner, less than 30 percent on average is ever returned, (therefore 70%+ remain current/active)which allows cash-strapped states to use the money they collect as unclaimed property to fund various public interest projects.
The remainder is placed in a small reserve fund from which owner claims are paid. Therefore, unclaimed property represents, in essence, a “quiet” source of revenue that does not require the government to raise taxes. As a result, state enforcement efforts have steadily grown and audits to drive compliance are at an all-time high.
9.Real estate, cars, boats, fixtures and even animals that may be abandoned but are not generally applicable to the unclaimed property statutes and are neither transferred to nor held in State’s Unclaimed Property Division. The only tangible property that is transferred to the States are the contents of a financial institution’s safe deposit box when the safe deposit box has been abandoned.

10.States arent the only ones holding onto unclaimed property. Many Federal Government unclaimed money or property are:
Federal Income Tax refunds
FHA Mortgage Insurance premium refunds
FDIC for failed Banks
Unclaimed Pensions
Lost Treasury Bonds
American Indian Trust Royalties
War Claims for US Nationals

Life Insurance And Taxation

Posted on by blogger

If your company owns life insurance policies on your executives or any key people for that matter, you need to be aware of the potential tax ramifications and the requirements to avoid taxation of benefits. Important changes have taken place in the last few years that can significantly impact the taxation of corporate owned life insurance. The information below is designed to inform you of the IRS regulations that have been implemented over the last few years and what is needed to comply with these IRS requirements so that policy proceeds avoid needless taxation.*

Pension Protection Act of 2006 and Life Insurance Taxation

On August 17, 2006, President George Bush signed tax legislation containing provisions that significantly impact key man and other employer owned life insurance purchased after August 17, 2006. The legislation, known as the COLI (Corporate Owned Life Insurance) Best Practices Act (which is part of the Pension Protection Act of 2006), includes the proposed IRC Section 101(j). Under this proposed law, life insurance death benefits for business-owned life insurance policies issued after the effective date of August 17, 2006 are income taxable (to the extent the death benefit exceeds the employer’s premiums) unless certain requirements are met.

This new legislation applies to all employer-owned policies issued after August 17, 2006 and includes policies used for key man insurance, stock redemption plans, Corporate Owned Life Insurance and Supplemental Executive Retirement Plans (among others). It may also extend to collateral assignment (economic benefit) regime split dollar and split dollar loans. With this law, all situations where an employer will have full or partial ownership of a insurance policy that is issued after August 17, 2006, regardless of the purpose of the policy, will need to meet certain requirements and follow specific guidelines to avoid potential taxation.

Avoiding Taxation of Key Man Life Insurance

In order to prevent policy proceeds (death benefits) from being income taxable, both of the following requirements must be met:

1. Notice and Consent Requirements:

a) The employee must be notified (in writing), prior to the life insurance policy being issued, that the employer intends to buy a policy on his/her life and disclose what the maximum face amount that is being applied for on his/her life is;

b) The employee must provide written consent to being insured and agree that the employer may choose to keep the policy in force even after the employee separates employment; and

c) The employee must be notified in writing that the employer is the beneficiary of all or part of the death benefit proceeds.

Under the COLI Best Practices Act, unless the employer provides written notice and obtains the employee’s written consent prior to the issuance of the policy, the death benefit of the life insurance policy will be taxable from day 1. Notice and consent may not be obtained after the life insurance policy is issued to remove this taxable death benefit status.

2. Once the “Notice and Consent Requirements” are met, there are two “Exceptions” to the rule taxing death proceeds payable to an employer, one of which must be met:

a.) Exception #1:

1) The insured was an employee at any time during the 12-month period before the insured’s death OR

2) The insured was a Director or “highly compensated employee” at the time the contract was issued.

b.) Exception #2:

Any amount received by the employer as a result of the insured’s death is paid to:

1) A family member of the insured;

2) A designated beneficiary of the insured under the contract other than the employer;

3) A trust established for the benefit of a family member, other designated beneficiary, or the insured’s estate; or

4) A family member, designated beneficiary, trust, or estate in exchange for any interest they hold in the corporation / employer (i.e. buy-sell agreement).

If both the “Notice and Consent Requirements” and one of the “Exceptions” above are met, Corporate Owned Life Insurance proceeds would be received income tax free if the policy death benefits would otherwise be eligible for favorable tax treatment.

COLI Best Practices Act- Reporting Requirements

All employers are required to report annually all corporate-owned life insurance policies to the IRS. The annual reporting requirements imposed under the IRC Sec. 6039I include:

1) The total number of employees at the end of the year;

2) The number of employees insured under COLI arrangement at the end of the year;

3) The total amount of insurance in force on all insured employees at the end of the year; and

4) The employer’s name, address, tax payer identification number and type of business, and

5) A statement of valid consent for each insured employee (or, if all required consents are not obtained, number of insured employees for who consent was not obtained).

The IRS requires this reporting annually on Form 8925 ” Report of Employer-Owned Life Insurance Contracts.” It is a simple form and must be completed to comply with IRS Code. You should consult your CPA or professional tax advisor immediately for more information on Form 8925 and the IRS reporting requirements.

If proper record keeping and reporting is not maintained, any and all key man life insurance policy proceeds or other corporate owned life insurance death benefits may be subject to income taxation

In Conclusion

Corporate Owned Life Insurance Policies including key man insurance policies issued after August 17, 2006 may have death benefits that are subject to income taxation if certain requirements are not met. The Pension Protection Act of 2006, which includes the COLI Best Practices Act, includes provisions that have significant consequences for key man and other employer owned insurance purchased after August 17, 2006. You need to understand the Notice and Consent requirements and well as the Exceptions and Record Keeping and Reporting requirements and comply with the IRS so that key man insurance policy proceeds avoid needless taxation. Unfortunately, if you have a key man policy issued after August 17, 2006 and you have not been compliant, your best bet to avoid potential income taxation may be to scrap your current policy and start over!

* All of the above tax information is for information purposes only and is provided to explain the basic tax treatment of life insurance based on the Internal Revenue Code. Any individual or entity considering any life insurance policy should consult with their own CPA or tax/legal advisor that understands their particular tax circumstances and the rules governing their state. In no way is this information intended to be tax or legal advice.

Compare Iphone Insurance Options

Posted on by blogger

There are several insurance options and you need to compare iphone insurance options before finding out the best covers. Whether it is the price of iphone insurance you need to know or the quality you want to establish you would to compare iphone insurance offers. A free market economy we find ourselves in provides for forces of demand and supply to determine quality and pricing levels of products and services. The basic principle behind free market economy is competition and free information. Free information makes it possible for you to compare iphone insurance packages.

To be able to compare iphone insurance thoroughly, you need to understand what iphone insurance is all about and what it should provide. You need to know that iphone insurance is supposed to adequately cater for the repairs and replacement costs of your iphone. It should also take care of the information you store in your phone whether you need to recover it incase the phone is lost or stolen or whether you need to protect the information in case the phone is not locked and is accessed by unauthorized persons as may be the case when it is stolen.

The above is the basis upon which and against which to compare iphone insurance offers. You will then go into the details to compare iphone insurance providers by the strategies they put in place to ensure they fulfill their obligations. This is the time you will see the basis of the prices charged by different insurers for the services they provided. You will be able to tell whether the prices are the best somebody could charge or whether there could be better prices but the business strategies are just inefficient.

When you compare iphone insurance costs you may also know what makes it possible for one player like this one to provide better coverage for lower costs while other have to charge two or three times more to be able to offer similar services. The variability of prices always brings the connotation that probably there is something more you get for paying higher prices either in terms of quality or quantity. You may be able to discover as you compare iphone insurance covers that higher prices do not always imply greater value in terms of quality or quantity.

Being able to compare iphone insurance packages by whatever criteria will help you establish several facts about insurance companies and policies. Knowledge is power so the saying goes. The process of doing policy comparisons makes you privy to certain information that can be very helpful but which you may never come across easily. It is important to always take some time and do some thorough analysis to see the differences and similarities.

Your Need to Know Basics on Cheap Insurance

Posted on by blogger

Every person who wants to buy cheap insurance for home must know the basics of this matter. This will help you get the best and most affordable rate of home insurance. This will also help you know more about the coverage and features of cheap insurances.

Get Basic Information on the Internet

The Internet is the best source where you can ideas about home insurances and even low cost premiums. Various selections of different kinds of home insurance and other types of cheap insurances are available on the Internet.

Know the Coverage of Insurance

You must know what type of coverage featured on a particular cheap insurance you are choosing. There are two types of premium coverage you can choose from. These are usually offered by many insurance companies. You can either choose the content’s coverage or the home coverage. You can even avail both of these types of coverage.

Find Out the Insurance Quotes

It is necessary that you get insurance quotes so you will be able to compare prices of various types of insurances. This can help get the best, cheapest and the most reliable insurance plan for your home. Through these insurance quotes, you are surely given a list of possible cheap insurances you can choose.

Seek Other Options in Finding Insurance

There are alternative ways you can do to search the right insurance agency where you can purchase the cheap insurance plan. These are other sources which include newspaper ads and yellow pages of phone directories. Newspaper ads give exact rates for some home insurances. The yellow pages cover phone numbers with addresses of home insurance agencies.

Determine the Replacement Cost of Your Home

A homeowner who is interested to get insurance, like you, must not only insure the market value of his home. He also needs to know the cost of how much to rebuild or renovate it. You must know your home’s replacement value. You could use the Internet to know the exact monetary value of your home and its market value.

Learn the Content’s Insurance Coverage

The coverage of content’s insurance must be determined to know exactly the personal belongings or items that are covered in this kind of cheap insurance. What are the specific appliances, furniture, fixtures, jewelry and other personal items that are covered in this insurance plan? That is what you are going to find out if you get content’s insurance.

List Down Things that are not Covered

It is also advisable to make a checklist of items that are not covered in the cheap insurance you are trying to get for your home. This gives you idea whether you can get lots of benefits from that insurance or not.

Every homeowner needs to review the coverage of insurance they are choosing before making a purchase. You must be able to secure the best insurance policy with the right price. Apparently, this insurance can help you protect your home and assets even in times of damages and accidents. Having the cheapest insurance policy does not mean that you get the right and the best insurance for your home. It is important that you get the most reliable insurance company that offers the perfect insurance.

The word for cheap insurance in Danish is Billig forsikring her and if you want to get one you should visit this amazing Danish website. You can translate it with Google Translator if you don’t know the language. More about cheap insurance you can read here.

My Insurance Company Insures My Handbag Collection

Posted on by blogger

I’m a fashionista with a passion for purses, in fact, I collect them. To many ladies, a bag is nothing more than a receptacle for used tissues, old receipts and a dog-eared paperback book that only gets read in the doctor’s waiting room, but to me, a ladies handbag is a masterpiece of beauty and functionality. Now, you may think it odd that I would want to insure something as apparently unimportant as a collection of handbags but I’ve got a reason for this. And before you ask, indeed, I do have life insurance cover because, even though I value my handbags, they are by no means more important than my existence.

I don’t buy many handbags and will save for years just to be in the fiscal position to buy one, but the point is, the bags I acquire have designer labels and are extremely precious. In addition to what it initially cost me to buy the hand bags I possess in my personal collection, there’s the additional value which derives from all of them being restricted edition originals. My purses are rare, particularly the antique ones, and that’s why I’ve covered every one of them. Now, you may even think it strange that an insurance company might even want to provide insurance for women’s purses, but they actually do, and for good cause.

If you are not convinced that handbag insurance is necessary then picture this situation: You’re in your car waiting at the traffic light and your purse is on the floorboards of the passenger area of the car. All of a sudden, the passenger window smashes in a spray of glass and a hand reaches in and grabs your purse. The authorities are not currently there to apprehend the fleeing offender. You feel and dazed and then stunned as it dawns on you that numerous items of critical significance to you are inside that bag! Your identification papers, your house keys, the cash you drew to pay the telephone account, your Blackberry, and your wallet with all your bank cards, to mention just a few. All of your precious belongings are gone! Without a doubt, it is entirely possible that you could, at some stage in your lifetime, end up in the predicament of getting had your purse taken. Then there is the chance of your handbag becoming lost or destroyed. The insurance industry understands this, which explains why you are likely to easily come across an insurance company that will assure your bag. The bag on its own might not be of anything apart from sentimental worth to you however its contents are another issue.

You might not be able to avoid the distress of losing precious items like bank cards and id books, yet you can certainly decrease the expense of replacing the valuables in your handbag if it’s insured. Handbag insurance is not very costly and you might even discover that your insurance company already makes provision for it as a portable possession on your current insurance policy. An important point to observe, however, is the fact that mobile phones, global positioning devices, and expensive designer sunglasses or prescribed spectacles are usually not covered by handbag insurance and will have to be insured separately.

Copyright © 2026 Insurance Hermes-Belt . All rights reserved.