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
Insurance company representative who sells debit life insurance (industrial life insurance). This agent is usually more of a collector of small premium payments on a weekly, biweekly, or ...
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Right to insurable interest in property such as the right of a secured creditor in the property pledged as security. ...
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