MetLife Inc. has reached a multi-state settlement with the National Association of Insurance Commissioners (NAIC) related the company's use of the Social Security Death Master File, which MetLife selectively used for proof of death and to end annuity payments, but not to initiate payment of life insurance claims.
The total face value for the 708,000 "industrial" policyholders from California, Illinois, Florida and North Dakota, is approximately $438 million. The policies were valued at between $95 and $1,000 each, and sold on a door-to-door basis from the early 1900s until the early 1960s, MetLife expects to pay out $188 million of that in 2012, with the remainder paid over the next 17 years.
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