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September 04, 2008 at 11:57 AM
New York Life Insurance Company wants to help the heirs of about 1,000 Greek life insurance policyholders who bought policies while living in the Ottoman Empire before 1915.
New York Life, New York, will be publishing notices in national and international newspapers about the claims review process so that heirs can submit claims relating to these policies, the company says.
The company says it also will contribute $1 million to the Greek Orthodox Archdiocese of America, to help the descendants of the many Greek refugees who ended up in the diocese as a result of the upheaval.
The total value of the voluntary program will be at least $12 million, New York Life estimates.
New York Life executives note that the company became aware of the issue while looking into questions surrounding life insurance policies sold to Armenians who died in the Ottoman Empire between 1914 and 1918.
“The company became aware that Greek policyowners were evidently victims of the same violence in the Ottoman Empire,” New York Life spokesman William Werfelman says.
