Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
What practical consequence follows from naming a beneficiary other than the estate on a Florida life policy?
Answer and explanation
Answer: C. 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, whereas naming the insured or the estate brings the proceeds into the estate. Federal tax treatment and the settlement payment deadline in section 627.4265 are separate matters.Source: Fla. Stat. § 222.13 — 222.13(1), Naming a beneficiary
More florida statutes, rules, and regulations pertinent to life and annuity insurance, including variable products questions
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