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A life insurance policy was purchased for me at a very young age (childhood). I was told that upon my 18th birthday, ownership would automatically be transferred to me. I turned 18 in 1989. I never had reason to check on the status of this policy until recent financial issues caused me to inquire of the cash or loan value. I knew that in the 70’s this was a 10,000 paid up policy so I just assumed that it was safe like money in the bank.
Well I called United Insurance Company of America (the insurer) to inquire about options related to this policy. I was told that it was cashed out in 1991 ( I was 20 yrs old) but I did not cash this out. They were not able to tell me who cashed it out, and they refused to give me more than the policy number.
After explaining the situation to them, I called the GA insurance Commissioner’s office and filed a complaint. I was told that I could sue United Insurance and make them reimburse me for cashing out the policy to someone other than myself. Is this true?