(a) (1) A policy of group life insurance or the proceeds thereof payable to the individual insured or to the beneficiary thereunder shall not be liable, either before or after payment, to be applied by any legal or equitable process to pay any debt or liability of the insured individual, or his or her beneficiary, or of any other person having a right under the policy.
(2) The proceeds of the policy, when not made payable to a named beneficiary or to a third person pursuant to a facility-of-payment clause, shall not constitute a part of the estate of the individual insured for the payment of his or her debts.
(b) This section shall not apply to group life insurance issued pursuant to ยง 23-83-106 to a creditor covering his or her debtors to the extent that the proceeds are applied to payment of the obligation for the purpose of which the insurance was so issued.
Section: Previous 23-79-125 23-79-126 23-79-127 23-79-128 23-79-129 23-79-130 23-79-131 23-79-132 23-79-133 23-79-134 23-79-135 23-79-136 23-79-137 23-79-138 23-79-139 NextLast modified: November 15, 2016