State RegulationsFL specificDifficulty 1/5
Florida's unclaimed property program, administered by the Department of Financial Services, requires holders of unclaimed property - such as dormant insurance proceeds - to
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Under the Department of Financial Services' unclaimed property program, banks, insurers, and other holders must report unclaimed property - including life insurance proceeds an owner or heir never collected - and turn it over to the state, which holds it in trust. Owners or their heirs can reclaim it from DFS at any time, making the state a permanent safekeeper rather than an owner.
Why the other options are wrong
- A) Property is remitted to Florida, not to another state where an insurer happens to be headquartered.
- B) Abandoned property is not donated; it is held indefinitely for the benefit of the rightful owner.
- C) Holders may not keep unclaimed property as windfall income; remittance to the state is mandatory.
Memory hook
Unclaimed money sleeps at DFS until its owner wakes it.