(a) To the extent permitted by the Arkansas Constitution, all moneys paid or payable to any resident of this state under an insurance policy providing for the payment of life, sick, accident, or disability benefits shall be exempt from liability or seizure under judicial process of any court and shall not be subjected to the payment of any debt by contract or otherwise by any writ, order, judgment, or decree of any court.
(b) As used in this section, "moneys" means a payment made under an insurance policy to compensate:
(1) The insured or beneficiary for a claim under the policy; or
(2) The owner, insured, or beneficiary for the cash surrender value of the policy.
(c) Nothing in this section shall be construed to affect the validity of any sale, assignment, mortgage, pledge, or hypothecation of a policy of insurance or the avails, proceeds, or benefits of a policy of insurance.
Section: Previous 16-66-202 16-66-203 16-66-204 16-66-205 16-66-206 16-66-207 16-66-208 16-66-209 16-66-210 16-66-211 16-66-212 16-66-213 16-66-214 16-66-215 16-66-216 NextLast modified: November 15, 2016