Insurance is an estimated financial coverage of consequences of unwanted events. An individual willing to obtain a reliable backup of negative events is offered to purchase an insurance policy. This type of a document guarantees both financial payouts and a set of necessary services in case of a contingency. A potential policyholder is invited to select a desired program, discuss the details with an insurance agent and sign an agreement. Regular payment of premiums is an essential condition to preserve the agreement’s validity. The amount of premiums depends on the given program’s terms and the sum of benefits. There are conventional insurance programs (covering expenses in case of diseases, accidents, losses, damages etc.) and economy ones (e.g. cheap auto insurance, cheap travel insurance and others).

Unclaimed insurance is an important issue in every civilized country. This term refers to a failure for a policyholder to obtain legal amount of money due to him/her. For example, insurance policy may remain unclaimed due to impossibility to find an heir, relative or any other rightful beneficiary. The reasons of unclaimed insurance policies are: customers’ deaths (followed by relatives’ unawareness of availability of a policy); his/her moving to another city/country for permanent residence (without reporting a new address); changing of the surname and/or the name (due to many reasons including marriage and divorce) and a set of other reasons. Unclaimed insurance funds are kept on separate accounts. Unclaimed money is obliged to be transferred to state unclaimed property department with the purpose of further preservation and maintenance.