Louisiana Revised Statutes 22:1015 – Exemption of proceeds; health and accident
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Terms Used In Louisiana Revised Statutes 22:1015
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
The proceeds or avails of all contracts of health and accident insurance and of provisions providing benefits on account of the insured’s disability which are supplemental to life insurance or annuity contracts effected 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 use.
Acts 1958, No. 125; Redesignated from La. Rev. Stat. 22:646 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2010, No. 919, §1, eff. Jan. 1, 2011.
NOTE: Former La. Rev. Stat. 22:1015 redesignated as La. Rev. Stat. 22:713 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.