Text: HSB00530                          Text: HSB00532
Text: HSB00500 - HSB00599               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

House Study Bill 531

Bill Text

PAG LIN
  1  1    Section 1.  Section 633.333, Code 1999, is amended to read
  1  2 as follows:
  1  3    633.333  PROCEEDS OF INSURANCE.
  1  4    1.  The avails proceeds of any life or accident insurance,
  1  5 or other sum of money made payable to the decedent's estate by
  1  6 any mutual aid or benevolent society upon the death or
  1  7 disability of a member thereof, are not subject to the debts
  1  8 of the decedent, except by contract or by express provision in
  1  9 the will, and shall be disposed of like other property left by
  1 10 the decedent.
  1 11    2.  a.  If, prior to death, a decedent names a beneficiary
  1 12 in an insurance contract and is later divorced or the marriage
  1 13 is dissolved, all provisions in the contract specifying the
  1 14 decedent's spouse as beneficiary are revoked.
  1 15    b.  In the event the decedent and spouse remarry each other
  1 16 prior to the decedent's death, the beneficiary provisions of
  1 17 the insurance contract revoked by the divorce or dissolution
  1 18 of marriage shall be reinstated unless otherwise revoked by
  1 19 the decedent.
  1 20    c.  This subsection shall not apply where the decree of
  1 21 divorce or dissolution specifies that the decedent's spouse
  1 22 remain as a beneficiary of the insurance after the divorce or
  1 23 dissolution, or in cases where the decedent names or reaffirms
  1 24 the naming of the former spouse as a beneficiary subsequent to
  1 25 the divorce or dissolution.  
  1 26                           EXPLANATION
  1 27    This bill provides that a divorce or dissolution revokes
  1 28 the naming of a decedent's spouse as beneficiary of an
  1 29 insurance contract except when the decedent and spouse remarry
  1 30 prior to the decedent's death, or where a decree of divorce or
  1 31 dissolution specifies that the spouse remain as a beneficiary
  1 32 after the divorce or dissolution.  
  1 33 LSB 5029YC 78
  1 34 jj/as/5
     

Text: HSB00530                          Text: HSB00532
Text: HSB00500 - HSB00599               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

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