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Insurance Demutualized Unclaimed Assets
Over the past decade, some major insurers have converted from mutual life insurance companies, owned by their policyholders, into publicly traded firms, owned by shareholders. In this process of demutualization the firms give their policyholders shares of stock or cash. The size of the payout depends on the face value of the policy, the length of time the policy has been in force, and the total amount of premiums paid.
As insurers made conversions, many of them couldn’t find policy owners. Prudential, for instance, couldn’t locate more than a million of its policyholders when it demutualized in late 2001. If you suspect that you or family members might be affected, check you claim at demutulization clearinghouse