(a) As used in this section, “death master file” means the federal social security administration death master file or other database or service that is at least as comprehensive as the death master file for determining that a person reportedly has died.
Terms Used In Tennessee Code 66-29-114
Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
Contract: A legal written agreement that becomes binding when signed.
Insurance company: means an insurer, not-for-profit hospital and medical corporation regulated under title 56, chapter 29, health maintenance organization, fraternal benefit society, or any person or entity required to obtain a certificate of authority or similar license from the department of commerce and insurance under title 56 in order to issue or enter into contracts of insurance in this state. See Tennessee Code 66-29-102
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Person: means an individual, estate, business association, public corporation, government or governmental subdivision, agency, instrumentality, or other legal entity. See Tennessee Code 66-29-102
Personal representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
Trustee: A person or institution holding and administering property in trust.
(b) With respect to a life or endowment insurance policy or annuitycontract for which an amount is owed on proof of death, but which has not matured by proof of death of the insured or annuitant, the company has knowledge of the death of an insured or annuitant when:
(1) The company receives a death certificate or a court order determining that the insured or annuitant has died;(2) Due diligence performed to maintain contact with the insured or annuitant, or to determine whether the insured or annuitant has died, results in validation of the death of the insured or annuitant;(3) A comparison is conducted by the company for any purpose between a death master file and the names of some or all of the company’s insureds or annuitants, and a match is found providing notice that the insured or annuitant has died and the company validates the death;(4) A comparison is conducted by the treasurer or the treasurer’s agent for the purpose of finding matches during an examination conducted under § 66-29-157 between a death master file and the names of some or all of the company’s insureds or annuitants, and a match is found providing notice that the insured or annuitant has died and the company validates the death; or(5) The company:
(A) Receives notice of the death of the insured or annuitant from an administrator, beneficiary, policy owner, relative of the insured, or trustee, or from a personal representative, executor, or other legal representative of the insured’s or annuitant’s estate; and(B) Validates the death of the insured or annuitant.(c) The following provisions apply to a death master file comparison under subdivisions (b)(3) and (4):
(1) A death master file match occurs if the criteria for a match are satisfied as provided by the Unclaimed Life Insurance Benefits Act, compiled in title 56, chapter 7, part 34;(2) A death master file match does not constitute proof of death for purposes of submission of a claim by a beneficiary, annuitant, or owner of the policy or contract to an insurance company for amounts due under an insurance policy or annuity contract;(3) A death master file match under subdivision (b)(3) or (b)(4), or validation of the insured’s or annuitant’s death, does not alter the requirements for a beneficiary, annuitant, or owner of the policy or contract to make a claim to receive proceeds under the terms of the policy or contract; and(4) In the event a death master file match occurs, the insurance company that has a potential obligation as a result of the death of the insured or annuitant shall comply with the requirements of § 56-7-3404(b) upon discovering the match.(d) This part does not affect the determination of the extent to which an insurance company before July 1, 2017 had knowledge of the death of an insured or annuitant, or was required to conduct a death master file comparison, or the determination of the extent to which the treasurer or the treasurer’s agent before July 1, 2017 was authorized to conduct a comparison for the purpose of finding matches during an examination under § 66-29-157, and to determine whether amounts owed by the company on a life or endowment insurance policy or annuity contract were presumed abandoned or unclaimed. An insurance company shall comply with, and the treasurer or the treasurer’s agent may conduct an examination to ensure compliance with, the requirements of § 56-7-3404.
