Unclaimed property is a broad term used to describe intangible (e.g., insurance policies) as well as tangible (e.g., precious metals) property that was taken away or lost by its legitimate owners for a prolonged period of time. For instance, property that is left behind by a deceased person that is not identified as such will usually be classified as property that is not claimed. States have laws that define the time for individuals to claim their property prior to the time it is transferred (transferred) in the name of the State.

Holder can be used to refer to any commercial enterprise that has unclaimed assets on the balance sheet. For instance, banks that have abandoned safe deposit boxes or restaurants with unclaimed gift card balances, or an insurance firm with benefits or policy accounts that are not claimed.

Residents and businesses dispose of over a million dollars worth of tangible and intangible property each year which is a significant source of income for the state government. The goal of the laws on unclaimed property is to reconnect owners with property that is legally theirs and shield them against claims from the owner following the property is given in the name of the State.

A majority of states require owners to examine their records of business and prepare an annual report of their unclaimed property, as well as proof that they have taken the proper measures to transfer the property back to the legitimate owners. There could be severe penalties for owners who don’t adhere to the state’s reporting requirements.

Unclaimed property can stem from  a spread  of different reasons. Some  samples of  Genworth related unclaimed property include checks that have not been cashed, inability  to supply  a payment due to loss of contact with the customer,  the first  insured/policyholder is deceased and the beneficiary made no claim, etc.

As part of our efforts to locate the person we are trying to pay, you may receive a letter from us. Additionally, many states require that a Due Diligence letter is mailed to the property owner in certain circumstances, usually within one year or less of the time funds will be remitted to the state. This is Genworth’s last attempt to contact the customer.

Once a claim has been approved, a check is processed and mailed to the approved payee’s address. At this point, Unclaimed Property claim payments are only made via check.

Websites like  www.missingmoney.com and www.unclaimed.org are both legitimate sites. Each site provides a map of us, allowing you to click on individual states. This may link you to the state website for their unclaimed property holdings. Please remember other sites are available. However,  they’ll charge fees.