This question is based PURELY on curiosity.
My dad lost his wedding ring. It’s insured so the insurance company is replacing it. Of course he’s exhausted every effort finding it. But, what would happen if, say, a year from now he found it under the mattress or in the sink drain or somewhere? Would he have to sell his replacement ring and send a check to the insurance company, or return the ring, or what? Could he get in trouble if it was an honest mistake?
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It happens regularly. You call the insurance company, and offer them the ring back, or offer to pay them back the cash value they settled with for the original loss.
He won’t get into trouble. I’ve seen this happen regularly, over my 25 years in insurance.
Then he would need to contact the insurance company and return the original ring to them…or pay them back the money they paid him for the ring.
When the insurance company settles with him, they will have him sign a bill of sale giving them ownership of the original ring. Therefore, if he keeps it, he is breaking the law because the original ring no longer belongs to him.
You contact the insurance company, tall them you have found the lost ring, and ask them what they want you to do. Legally, once they have paid out, the original ring belongs to them, not to your dad, so if they asked for it he would have to send it to them.
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