Common use of Business Reforms Clause in Contracts

Business Reforms. In accordance with the implementation schedule described in Schedule B, Prudential will compare Prudential Records against the Death Master Update File every month and against the Complete Death Master File at least annually to identify Death Master File Matches for potential unclaimed death benefits. Prudential shall have no responsibility for errors, omissions or delays in information contained in the Death Master File. Furthermore: a. The Company shall commence a Thorough Search within 120 days following the Date of Death, unless the Company receives a Date of Death Notice more than 120 days after the Date of Death, in which case the Company shall commence a Thorough Search within: (i) 45 days following its receipt of the Date of Death Notice for all group life insurance policies, or certificates issued thereunder; and (ii) 30 days following its receipt of the Date of Death Notice for all other Policies, Annuity Contracts and Retained Asset Accounts. b. No further action will be required under this Agreement if at any point following a DMF match, Prudential determines that: (i) the Policyholder is not deceased; (ii) the unique biological individual identified on the Death Master File is not the Policyholder as reflected in a competent source or record maintained by or located in Prudential Records; or (iii) that no Proceeds are due under the applicable Policy, Annuity Contract, or Retained Asset Account. c. In the event that a line of business conducts checks of its Policyholders against the DMF for Death Master File Matches at intervals more frequent than those provided for in this Agreement and such Death Master File Match results in action being taken with respect to a Policy, Annuity Contract, or Retained Asset Account, then that line of business shall share the relevant Policyholder information among applicable lines of business. d. In the event that Prudential locates the Beneficiary following a Thorough Search, Prudential shall provide the appropriate claims forms or instructions, if required, to the Beneficiary to make a claim, including instructions as to the need to provide an official death certificate if consistent with law and the Policy, Annuity Contract, or Retained Asset Account. Prudential reserves the right to require satisfactory confirmation of death, including a death certificate, as due proof of death, before Proceeds are paid to a Beneficiary or a Beneficiary’s legal representative if consistent with law and the Policy, Annuity Contract, or Retained Asset Account. Nothing in this Agreement shall be construed to supersede Prudential’s obligation to maintain effective procedures and resources to deter and investigate fraudulent insurance acts as required by applicable law. e. The obligation to conduct a Thorough Search under the terms of this Agreement shall not abrogate the obligation of the Company to complete any due diligence within the timeframe required by any applicable law. f. Prudential shall implement policies and procedures for conducting a Thorough Search. g. To the extent permitted under applicable law, Prudential may disclose the minimum necessary personal information about a Policyholder or Beneficiary to a person whom Prudential reasonably believes may be able to assist Prudential locate the Policyholder or Beneficiary or a person otherwise entitled to payment of the claims Proceeds. h. The Company shall conduct a Thorough Search for group life insurance policies, including group life insurance certificates issued thereunder, where a group life insurance claim is received for which the Company, from information in its administrative systems and/or the group policy claim form, is able to determine that a benefit is due and is able to determine the benefit amount, but the beneficiary cannot be identified and/or located.