North Carolina § 41-62 Insurance coverage and character of proceeds

North Carolina Statutes

§ 41-62 — Insurance coverage and character of proceeds

North Carolina § 41-62

Ch. 41Estates

Art. 5Tenancy by the Entirety

This text of North Carolina § 41-62 (Insurance coverage and character of proceeds) is published on Counsel Stack Legal Research, covering North Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.C. Gen. Stat. § 41-62 (2026).

Text

Where property held as tenants by the entirety is insured, unless the parties by contract have provided what disposition should be made of the insurance proceeds, the policy and insurance proceeds inure to the benefit of the entire estate even though the policy was issued in the name of only one spouse and paid for by that spouse, and the insurance proceeds become divisible personal property held by the spouses as tenants in common. (2020-50, s. 1(a), (c).)

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Where property held as tenants by the entirety is insured, unless the parties by contract have provided what disposition should be made of the insurance proceeds, the policy and insurance proceeds inure to the benefit of the entire estate even though the policy was issued in the name of only one spouse and paid for by that spouse, and the insurance proceeds become divisible personal property held by the spouses as tenants in common. (2020-50, s. 1(a), (c).)