§431:10-233 Exemption of proceeds; group life. (a) 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 to any legal or equitable process to pay any liability of any person having a right under the policy. 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 the insured's debts.
(b) This section shall not apply to group life insurance policies issued under section 431:10D-203 to the extent that the proceeds are applied to payment of the obligation for the purpose of which the insurance was so issued. [L 1987, c 347, pt of §2]
Section: Previous 431-10-226.5 431-10-227 431-10-228 431-10-229 431-10-230 431-10-231 431-10-232 431-10-233 431-10-234 431-10-235 431-10-236 431-10-237 431-10-238 431-10-239 431-10-240 NextLast modified: October 27, 2016