O.C.G.A.

O.C.G.A. § 33-29-15 (2019)

Exemption of policy proceeds from liability for debts of insured and beneficiary

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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(a) The proceeds or avails of all accident and sickness policies and of provisions providing benefits on account of the insured’s disability which are supplemental to life insurance or annuity contracts, except credit accident and sickness policies and credit life policies, shall be exempt from all liability for any debt of the insured and from any debt of the beneficiary existing at the time the proceeds are made available for his or her use.

(b) The exemption of income benefits payable as the result of disability shall not exceed an average of $250.00 of such benefits per month of the period of disability.

History

Code 1933, § 56-3015, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2019, p. 386, § 95/SB 133. The 2019 amendment, effective July

1, 2019, in subsection (a), substituted ‘‘contracts’’ for ‘‘contract’’ in the middle, and inserted ‘‘or her’’ near the end.

Annotations

RESEARCH REFERENCES ALR. - Bankruptcy or insolvency of insured as affecting right of person injured to proceeds of indemnity insurance, in absence of provision in policy in that regard, 59 A.L.R. 1123.

Accident insurance as life insurance within exemption law, 111 A.L.R. 61. Enforceability, in forum, of extraterritorial waiver of debtor’s exemption valid where made, 60 A.L.R.2d 1449.