Missing Life Insurance Policy Search

Unclaimed Life Insurance Policy Benefits Search - Demutualization Claims

Equitable Life Assurance - Axa

Demutualization is the process of converting a mutual life insurance company, which is owned by its policyholders, into a publicly traded stock company owned by shareholders, pursuant to a plan of conversion approved by policyholders and government regulators.

Mutual life policyholders (and heirs) continue to be entitled to receive whatever policy benefits may be due, but in addition receive stock, cash and/or policy credits in exchange for their ownership interest in the old mutual insurance company.

The amount paid to each policyholder is based on a number of factors, including length of time the policy has been in force, face value of the policy, and total premiums paid. For many policyholders, the windfall arising from demutualization can be substantial. Shares may be sold at any time, without affecting policy benefits.

In 1992, the Equitable Life Assurance Society of the United States demutualized and a new parent holding company, the Equitable Companies, was listed on the New York Stock Exchange. At that time France-based AXA Group became the owner of 49% of Equitable's common stock in exchange for a $1 billion investment to strengthen Equitable's surplus. In 1999, Equitable became AXA Financial.

Eligible policyholders and heirs became entitled to approximately $270 million in cash, stock and credits. In the first year after the initial public offering, the price of an Equitable common share increased 123%

Distribution began on July 31, 2001. Eligible policyholders received a fixed component of 20 AmerUS common shares, as well as a variable component based on policy value. Those who elected to receive cash were compensate $26 per share entitlement. In the first year after the initial public offering, the price of an AmerUS common share increased 99%.

Hundreds of thousands of missing policyholders aren't aware they are entitled to receive demutualization compensation. Contact efforts were unsuccessful, due to name changes after marriage or divorce, unreported changes of address, expired postal forwarding orders and non-current beneficiary information. And a recent government audit found 21 major life insurance companies failed to pay death benefits to beneficiaries even in cases where they knew the policy holder was deceased. {Life Insurance Settlement Claims}

By law, unclaimed demutualization compensation is remitted to the custody of a government trust account until claimants come forward.

► Current and former policyholders and their heirs - the majority of whom are unaware they're entitled to unclaimed stock and/or cash - should initiate a database search.

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