Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
A Florida insured dies owing money to several creditors. The policy names her adult son as beneficiary. What happens to the death proceeds?
Answer and explanation
Answer: B. Section 222.13(1) exempts proceeds payable to a named beneficiary from the claims of creditors of the insured, unless the policy or a valid assignment provides otherwise. Because a beneficiary other than the insured or the estate is named, the proceeds go to the son rather than through the estate, so none of the choices routing the money to creditors or to the personal representative apply.Source: Fla. Stat. § 222.13 — 222.13(1), Proceeds payable to a named beneficiary
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