I don’t think the $702 is cash value. Usually those old Met Life UL policies crashed and went all the way to zero value. They were way underfunded.
The $702 was the Met Life shares they received as payment for selling their ownership of the company when it demutualized. It was completely separate from any policy values.
OP:
You are confusing the Surrender of the Policy with the payout for demutualization.
You were not the Owner of the Policy. That means you had zero legal control and zero financial interest in the policy. Even after your grandma died, you still had no legal control unless you were the Executor of the Estate.
If the Policy was Surrendered after she died, it was a decision by the Executor of her Estate.
If you feel that was not in your best interest as a Beneficiary of her Estate, then your legal case is against the Executor, not MetLife.
If your issue is not being notified about the demutualization payout, then your legal case is still with the Executor of her Estate. MetLife would have sent correspondence about this to the Owner of the Policy... your Grandma... and it is the Executor's legal responsibility to account for all finances and make sure they are distributed appropriately. It seems the Executor missed this asset. That is not MetLife's fault, that is the fault of the Executor.
The only way MetLife would have been at fault, is if they did not send notice TO YOUR GRANDMOTHER. It was the Executor's legal responsibility to inform MetLife about her death... but even then... MetLife's legal responsibility is to communicate with the Executor of the Estate. And it was the Executor's legal responsibility to recognize and distribute the funds accordingly.
You were the Insured on the policy. That means legally, you had zero control and zero financial interest in the Policy. Your grandmother's estate had control and financial interest in the Policy. The demutualization shares went to your grandmas estate, not to you directly. MetLife would have sent notices about all of this to your grandma, or her executor once they were notified about her passing.
