(2) If a person other than the insured or annuitant is entitled to the funds and an address of the person is not known to the company or it is not definite and certain from the records of the company who is entitled to the funds, it is presumed that the 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 company.
(3) For purposes of ORS 98.302 to 98.436 and 98.992, a life or endowment insurance policy or annuity contract not matured by actual proof of the death of the insured or annuitant according to the records of the company is matured and the proceeds due and payable if:
(a) The company knows that the insured or annuitant has died; or
(b) All of the following are true:
(A) The insured has attained, or would have attained if living, the limiting age under the mortality table on which the reserve is based.
(B) The policy was in force at the time the insured attained, or would have attained, the limiting age specified in subparagraph (A) of this paragraph.
(C) Neither the insured nor any other person appearing to have an interest in the policy within the preceding two years, according to the records of the company, has assigned, readjusted or paid premiums on the policy, subjected the policy to a loan, corresponded in writing with the company concerning the policy, or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the company.
(4) For purposes of ORS 98.302 to 98.436 and 98.992, the application of an automatic premium loan provision or other nonforfeiture provision contained in an insurance policy does not prevent a policy from being matured or terminated under subsection (1) of this section if the insured has died or the insured or the beneficiary of the policy otherwise has become entitled to the proceeds of the policy before the depletion of the cash surrender value of a policy by the application of those provisions.
(5) If the laws of this state or the terms of the life insurance policy require the company to give notice to the insured or owner that an automatic premium loan provision or other nonforfeiture provision has been exercised and the notice, given to an insured or owner whose last-known address according to the records of the company is in this state, is undeliverable, the company shall make a reasonable search to ascertain the policyholder’s correct address to which the notice must be mailed.
(6) Notwithstanding any other provision of law, if the company learns of the death of the insured or annuitant and the beneficiary has not communicated with the insurer within four months after the death, the company shall take reasonable steps to pay the proceeds to the beneficiary.
(7) Commencing two years after August 3, 1983, every change of beneficiary form issued by an insurance company under any life or endowment insurance policy or annuity contract to an insured or owner who is a resident of this state must request the following information:
(a) The name of each beneficiary, or if a class of beneficiaries is named, the name of each current beneficiary in the class;
(b) The address of each beneficiary; and
(c) The relationship of each beneficiary to the insured. [1983 c.716 §32; 2007 c.539 §3]
Structure 2021 Oregon Revised Statutes
Volume : 03 - Landlord-Tenant, Domestic Relations, Probate
Chapter 098 - Lost, Unclaimed or Abandoned Property; Vehicle Towing
Section 98.005 - Rights and duties of finder of money or goods.
Section 98.045 - Applicability to unclaimed prepaid transportation cards.
Section 98.050 - Finder’s reports; rules; fee.
Section 98.245 - Disposition of unclaimed property; notice of pending disposition; procedure.
Section 98.302 - Definitions for ORS 98.302 to 98.436.
Section 98.304 - Intangible property subject to custody of state.
Section 98.308 - Intangible property held by financial institution.
Section 98.309 - Traveler’s check or money order presumed abandoned.
Section 98.311 - Service charge on unclaimed property.
Section 98.314 - Unclaimed funds held by insurance companies.
Section 98.316 - Deposits and refunds held by utilities.
Section 98.319 - U.S. savings bonds presumed abandoned; escheat proceedings.
Section 98.322 - Intangible equity ownership interests in business associations.
Section 98.329 - Delivery of property before presumed abandoned; rules.
Section 98.332 - Property held by fiduciaries.
Section 98.336 - Property held by government and public authorities.
Section 98.338 - Credit memo unclaimed by owner.
Section 98.342 - Miscellaneous personal property held for another person.
Section 98.352 - Report of abandoned property.
Section 98.353 - Information on filing report.
Section 98.354 - Records of ownership or issuance of instruments to be maintained.
Section 98.356 - Notice and publication of lists of unclaimed property; rules.
Section 98.362 - Delivery of certificate of ownership of intangible equity ownership interest.
Section 98.366 - Relief from liability by payment or delivery.
Section 98.379 - Retention of abandoned military medals; transfer of custody; rules.
Section 98.382 - Sale of abandoned and unclaimed property; methods; rules.
Section 98.386 - Deposit of funds.
Section 98.389 - Unclaimed Property and Estates Fund; transfers from fund.
Section 98.392 - Claiming unclaimed property; lawyer trust account funds; rules.
Section 98.396 - Determination of claim; payment; reimbursement.
Section 98.402 - Hearing on claim; petition to compel action.
Section 98.412 - Verified report; examination of records; failure to maintain records.
Section 98.416 - Proceeding to compel delivery of unclaimed property; interest.
Section 98.432 - Uniformity of interpretation.
Section 98.450 - Unordered goods presumed gifts.
Section 98.470 - Definitions for ORS 98.470 to 98.490.
Section 98.480 - Notice to customer; contents.
Section 98.515 - Unauthorized appropriation of shopping carts.
Section 98.640 - Owner’s duty to remove trees, logs, poles or piling deposited on state highways.
Section 98.650 - Owner’s duty to remove trees, logs, poles or piling deposited on county roads.
Section 98.805 - Definitions for ORS 98.810 to 98.818, 98.830 and 98.840.
Section 98.810 - Unauthorized parking of vehicle on proscribed property prohibited.
Section 98.811 - Notice of parking violation; certificate of nonliability; dismissal of notice.
Section 98.820 - Towing vehicle from fuel dispensary premises; civil immunity; lien.
Section 98.830 - Towing abandoned vehicle from private property; civil immunity; lien.
Section 98.850 - Legislative findings and declaration.
Section 98.852 - Definitions for ORS 98.853 to 98.862.
Section 98.853 - Conditions allowing towing; conditions requiring release of vehicle.
Section 98.854 - Prohibitions placed on tower.
Section 98.856 - Tower responsibility of disclosure to owner or operator of vehicle.
Section 98.857 - Recovery of stolen vehicle; tower responsibility to notify owner.
Section 98.859 - Maximum rates for towing; process for complaints; exceptions.
Section 98.861 - Licenses for towing; fees.