(INDIANAPOLIS) - People who are owed money from insurance policies that may have been long forgotten will be getting an unexpected windfall.
Indiana Attorney General Greg Zoeller said Friday that a little more than $18 million in unclaimed property has been recovered as a result of agreements with life insurance providers American International Group, John Hancock, MetLife and Prudential.
Verus Financial LLC conducted an audit on behalf of Indiana and other states. To date, Indiana has received more than 20,000 unreported insurance accounts as a result of the audit, Zoeller said.
"This is a positive example of an industry working with the state of Indiana to ensure that Hoosiers receive proceeds as their loved ones intended," Zoeller said in a news release.
Officials believe the beneficiaries may have misplaced policies, forgotten details of the insurance or didn't know they were beneficiaries.
Zoeller said the state expects to recover more money from other companies that haven't turned over unclaimed property.
The money that has been turned over to the state is searchable though indianaunclaimed.gov . The Unclaimed Property Division can also be reached by phone at 866-462-5246.
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