What is the statute of limitations on a life insurance death benefit that is wrongly issued?

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What is the statute of limitations on a life insurance death benefit that is wrongly issued?

My wife a year ago recieved a life insurance death benefit in the mail. It had
here full name and address on the check. We deposited in our account fast
forward a year and now the insurance company claims that it was wrongly paid out,
that it belonged to someone else. We have spent about 60 of the money, but had
enough in our savings to cover the check and the bank has frozen our funds.

Asked on February 6, 2019 under Insurance Law, Missouri

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

It is 10 years in your state, for when you intentionally take money or property not belonging to you (the two of you deposited the check and spent the money; that is a deliberate or intentional act)--therefore, they have up to 10 years to sue you for the money and if they sue, they will win and get a judgment against you. You are strongly advised, if they seek the money back from you, to try to work out a settlement or payment plan you can live with.


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