Right of Beneficiaries and Assignees of Insurance Policies to Proceeds as Against Creditors and Representatives of Insured

  1. Law
  2. Georgia Code
  3. Insurance
  4. Group Life Insurance
  5. Right of Beneficiaries and Assignees of Insurance Policies to Proceeds as Against Creditors and Representatives of Insured

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  1. The proceeds and avails of any group life insurance policy shall be free from the claims of creditors and representatives of the insured and of the person effecting the same to the same extent and under the same conditions as provided for in the case of other life insurance policies under Code Section 33-25-11.
  2. This Code section shall not apply to group life insurance issued to a creditor covering his debtors to the extent that the proceeds are applied to payment of the obligation for the purpose of which the insurance was issued.

(Code 1933, § 56-2706, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1982, p. 3, § 33.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 44 Am. Jur. 2d, Insurance, §§ 802 et seq., 1671 et seq., 1738.

C.J.S.

- 46A C.J.S., Insurance, § 1967.

ALR.

- Statutory limitation of amount of proceeds of life insurance payable to estate or representatives of insured which is exempt from debts of insured as affected by fact that insured had a policy payable to another beneficiary, 141 A.L.R. 893.

Testamentary direction for payment of debts or expenses of administration as affecting life insurance proceeds payable to estate, 56 A.L.R.2d 865.

Enforceability, in forum, of extraterritorial waiver of debtor's exemption valid where made, 60 A.L.R.2d 1449.


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