Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
A Florida policy names the insured's own estate as beneficiary, and the insured dies with unpaid debts. How does the creditor exemption apply?
Answer and explanation
Answer: D. Section 222.13(1) provides that where the policy designates the insured or the insured's estate as beneficiary, the insurance proceeds become part of the insured's estate for all purposes and are administered by the personal representative. The exemption protects proceeds payable to a named beneficiary, so naming the estate removes that protection outright rather than partially or conditionally.Source: Fla. Stat. § 222.13 — 222.13(1), Estate named as beneficiary
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