Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
A lender required a borrower to take out a policy naming the lender, and the lender now seeks the contract's value. Does the Florida exemption block it?
Answer and explanation
Answer: C. Section 222.14 protects cash surrender values and annuity proceeds from creditors except where the policy or annuity contract was effected for the benefit of such creditor. Since the lender required and was named on the contract, the exception applies. The exemption is not absolute, residency alone does not settle the point, and a lender is plainly a creditor.Source: Fla. Stat. § 222.14 — 222.14, Exception for a benefited creditor
More florida statutes, rules, and regulations pertinent to life and annuity insurance, including variable products questions
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