Nationwide To Pay $7.2M To Settle Death Benefits Case

Law360, Philadelphia (October 11, 2012, 6:57 PM EDT) -- Nationwide Financial Services Inc. has agreed to pay $7.2 million to settle a multistate probe involving investigators from Florida, Pennsylvania and California into the handling of death benefits owed to life insurance policyholders and their next of kin, several state insurance departments announced Thursday.

The settlement puts to rest concerns that Nationwide did not have an adequate process for identifying decreased life insurance policyholders, a situation that resulted in late or unclaimed benefits. Nationwide is one of a number of companies being investigated by a multistate...
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