Nationwide Insurance Company has agreed to pay an estimated $3 million to California beneficiaries of its life insurance policies, says state Controller John Chiang. Chiang began auditing insurance company practices in 2008, revealing an industry-wide practice of companies failing to pay death benefits to the beneficiaries of life insurance policies, despite having access to federal records indicating that policyholders had died, or direct confirmation from relatives of the deceased. Since the audits of national companies began, Nationwide has been “diligently contacting” Californians who are owed benefits. To date, Nationwide has paid more than $11 million in unclaimed death benefits on annuity contracts to at least 346 California beneficiaries, according to a report at www.centralvalleybusiness.com