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Unclaimed insurance policies are amounting to hundreds of billions of won and industry officials say the trend is likely to continue.
According to findings yesterday by the Financial Supervisory Service, dormant accounts stemming from unclaimed insurance policies increased by 83 percent in September of last year compared to March of 2004, when the amount stood at 275.4 billion won ($293 million).
Of the 502.7 billion won in unclaimed money, 43 percent was from insurance policies in which customers have put down more than 1 million won.
Dormant accounts involve unclaimed insurance money that customers have not claimed for more than two years after the insurance policy has expired.
Choi Yun-seok, an official with the General Insurance Association of Korea, said yesterday that despite efforts to alert customers to claim their insurance policies, dormant accounts are increasing each year.
Industry officials say the major reason for this is because customers often fail to update their addresses after moving, and thus fail to get notification from insurance companies. In addition, often the small amount put into an insurance policy or simply a memory lapse from the customer add to dormant accounts, while the constantly widening selection of insurance companies is another reason for the increase.
Industry officials advise insurance holders to make sure that addresses are kept up to date as insurance firms automatically notify customers the moment a dormant account is created. A common misunderstanding is that unclaimed accounts yield interest while they go claimed, which is not the case. Those who want to learn if they have money in an insurance policy can find out at the web site of the General Insurance Association of Korea at (www.knia.or.kr) or the Korea Life Insurance Association (www.klia.or.kr).

하루 7000여대 생산 차질 #검찰 "불법 파업 엄정 대처"

by Kim Chang-gyu

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