Filed Under:Life Insurance, Life Settlements

GAO critical of Death Master File

(Courtesy www.gao.gov)
(Courtesy www.gao.gov)

The Social Security Administration Death Master File (DMF) list is not necessarily the last word on death reports, the Government Accountability Office (GAO) says in a new study released this week.

However, the head of an accounting firm that is using the DMF to verify on behalf of states whether insurance companies are going the last mile in trying to find the rightful beneficiaries of insurance policies that have been purchased argues that the latest GAO study confirms that the DMF is the proper tool to use in verifying that insurers are aggressive in pursuing beneficiaries, or, in the alternative, complying with the letter of state unclaimed property statutes.

In defending use of the DMF, Verus’ Drubner acknowledges that it is true that SSA does not independently verify all of the reports of deaths it receives.

“However, it regularly corrects mistakes in the entries on an on-going basis,’ Drubner said.

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Nichole Morford

Nichole Morford
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