Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
A Florida policy names a beneficiary, but a valid assignment directs proceeds elsewhere. How does the creditor exemption in section 222.13 apply?
Answer and explanation
Answer: C. Section 222.13(1) exempts proceeds payable to a named beneficiary from the creditors of the insured unless the insurance policy or a valid assignment provides otherwise, so the policy and a valid assignment control. The statute does not make the exemption absolute, does not turn on when the assignment was made, and does not split the proceeds.Source: Fla. Stat. § 222.13 — 222.13(1), Effect of an assignment
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