Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
Group life proceeds are payable to a named beneficiary of a Florida insured who died owing debts. How does the creditor exemption apply?
Answer and explanation
Answer: D. Section 222.13(1) exempts proceeds payable to a named beneficiary from the creditors of the insured unless the policy or a valid assignment provides otherwise, and nothing in the section confines that protection to individually purchased coverage. Who paid the premium and the label on the document do not change the analysis.Source: Fla. Stat. §§ 627.552-627.5575 — 222.13 read with 627.5575
More florida statutes, rules, and regulations pertinent to life and annuity insurance, including variable products questions
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