While reading "North to Alaska", by Fleataxi, something caused me to think of insurance payouts for people who are declared legally dead. Does anyone know what happens if say, someone is declared legally dead after not having been heard from after x length of time? Then, years later, that person turns up alive? Do the beneficiaries keep the money? Is the money written off by the insurance company? Does the insurance company demand the monies back? Just curious here, as I this has never crossed my mind before. But, something like this has to have occurred at some point in history?
I've heard the ins company wants their money back. They don't forgive. They're like the IRS. Seems I remember reading a story about this a while back. But I could be wrong.
My guess is exactly that of @SB21. Repay the payout, and I'm sure they would run a investigation to see if the beneficiary and the insured had conspired to defraud the company.
7 is a number that jumps out at me. I believe a Judge in lets say Louisiana has to do the legal paperwork first before you collect?
Fair enough. But, I was thinking after the monies had been paid out. I would hate to receive enough money to say, pay off a home, land, or other major purchase, only later to learn I had to pay it all back. Don't get me wrong here. I would be excited like crazy, to learn whomever left me the money was actually still alive and in good health. But, I would not want the financial responsibility.
Well I really don't know the answer for you as I have no friends or family that has left me with any monies to speak of. Pretty sure the insurance company nice as they are at taking your money will no doubt go after you with threats to sue at first. Belize looks like a nice place to retire or you may have a gambling problem and blew it all in Vegas? Keep your hotel recites!!
They could come after me in Cambodia, if it were that important to them. Reminds me of a guy (long time friend) who screwed me out of money he owed me, because I was stupid and trusted him. Later, he said I broke a contract we had, - yet, he was the one who screwed me out of the money. I just replied, "Sue me, you know where I am." No suit yet. I'm almost let down over it. If someone screws me out of money, especially whom I thought was a friend, I figure the amount lost was worth finding out how good of a friend they actually were.
Lol, I once loaned an Uncle 20bucks, Never saw him again which in his case is a good thing, Money well spent!!!
Was told one time it depended on if there was intent to defraud or if there were mitigating circumstances. Guy I knew who was captured by Japs in WW2 and they neglected to tell anyone that he was still alive, was told when liberated at the end of the war that his widow didn't have to pay any thing back. That was the least of his problems as she had remarried, etc.
if there was intent to defraud, as @duane said, they will usually prosecute criminally even if there was no intent, they will almost always sue to recover, except in extreme cases as the one cited roughly an estimated 4,193-5,246 are still MIA from the Korean war, some of whom could have been POWs, this does not include allied MIAs or POWs which are estimated at over 120,000
