(765 ILCS 1025/3) (from Ch. 141, par. 103)
Sec. 3.
(a) Unclaimed funds, as defined in this Section, held and owing by
a life insurance corporation shall be presumed abandoned if the last known
address, according to the records of the corporation, of the person
entitled to the funds is within this State. If a person other than the
insured or annuitant is entitled to the funds and no address of such person
is known to the corporation or if it is not definite and certain from the
records of the corporation what person 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 corporation.
(b) "Unclaimed funds", as used in this Section, means all moneys held
and owing by any life insurance corporation unclaimed and unpaid for more
than 5 years after the moneys became due and payable as established
from the records of the corporation under any life or endowment insurance
policy or annuity contract which has matured or terminated. A life insurance
policy not matured by actual proof of the death of the insured is deemed to be
matured and the proceeds thereof are deemed to be due and payable if such
policy was in force when the insured attained the limiting age under the
mortality table on which the reserve is based, unless the person appearing
entitled thereto has within the preceding 5 years, (1) assigned, readjusted, or
paid premiums on the policy, or subjected the policy to loan, or (2)
corresponded in writing with the life insurance corporation concerning the
policy. Moneys otherwise payable according to the records of the corporation
are deemed due and payable although the policy or contract has not been
surrendered as required.
(Source: P.A. 87-925.)
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