Massachusetts State Treasurer Steven Grossman recently announced the state, along with 19 others, reached an agreement with The Prudential Group to revise standard industry practices, assuring beneficiaries that they will receive expected death benefits.
"Our primary goal is to ensure that every individual in Massachusetts who is entitled to these benefits receives them in a timely and appropriate manner," Grossman said. "Prudential deserves credit for working with us to advance this goal, and this resolution will undoubtedly result in improved insurer accountability and business practices in Massachusetts and across the country."
Last year, Grossman reached a similar agreement with John Hancock Life Insurance Company following an audit of its policy practices. Since that time, Hancock has continued to cross-reference its policies with death records, to guarantee that payments are being made appropriately.
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