Exemption of Policy Proceeds From Liability for Debts of Insured and Beneficiary

  1. Law
  2. Georgia Code
  3. Insurance
  4. Individual Accident and Sickness Insurance
  5. Exemption of Policy Proceeds From Liability for Debts of Insured and Beneficiary

Checkout our iOS App for a better way to browser and research.

  1. The proceeds or avails of all accident and sickness policies and of provisions providing benefits on account of the insured's disability which are supplemental to life insurance or annuity contracts, except credit accident and sickness policies and credit life policies, shall be exempt from all liability for any debt of the insured and from any debt of the beneficiary existing at the time the proceeds are made available for his or her use.
  2. The exemption of income benefits payable as the result of disability shall not exceed an average of $250.00 of such benefits per month of the period of disability.

(Code 1933, § 56-3015, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2019, p. 386, § 95/SB 133.)

The 2019 amendment, effective July 1, 2019, in subsection (a), substituted "contracts" for "contract" in the middle, and inserted "or her" near the end.

RESEARCH REFERENCES

ALR.

- Bankruptcy or insolvency of insured as affecting right of person injured to proceeds of indemnity insurance, in absence of provision in policy in that regard, 59 A.L.R. 1123.

Accident insurance as life insurance within exemption law, 111 A.L.R. 61.

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


Download our app to see the most-to-date content.