State Exemption Statute
Laws in most cases protecting life insurance policies from an insured's creditors. These laws typically exempt death benefit proceeds and policy cash values from attachment by creditors, particularly if the beneficiary is a spouse or child of the insured. Many exemption laws have limits, with all insurance proceeds over a certain amount, say $20,000, available to the insured's creditors. In some states, endowment and ANNUITY policies are granted less protection from creditors than ORDINARY LIFE INSURANCE because such policies are often used as investment vehicles.
Popular Insurance Terms
Real property (structure (s) attached to the land) that is occupied and/or is under the care, custody, or control of an individual, individuals, or an organization for which an insurance ...
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Deductible eliminated through the payment of an additional premium, resulting in first-dollar coverage under the policy. ...
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