Wyoming § 26-15-131 Exemption of proceeds; group insurance

Wyoming Statutes

§ 26-15-131 — Exemption of proceeds; group insurance

Wyoming § 26-15-131

Title 26Insurance Code

Ch. 15THE INSURANCE CONTRACT

This text of Wyoming § 26-15-131 (Exemption of proceeds; group insurance) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wyo. Stat. Ann. § 26-15-131 (2026).

Text

(a)A policy of group life insurance or group disability insurance or the proceeds thereof, including death benefits, cash surrender and loan values, premiums waived and dividends, whether used in reduction of premiums or otherwise, excepting only where the debtor, subsequent to issuance of the policy, has actually elected to receive the dividends in cash, payable to the individual insured or to the named beneficiary are not liable to be applied by any legal or equitable process to pay any debt or liability of the insured individual or his beneficiary or of any other person having a right under the policy. The proceeds, when not made payable to a named beneficiary, or to a third person pursuant to a facility-of- payment clause, do not constitute a part of the insured individual's estate fo

Free access — add to your briefcase to read the full text and ask questions with AI

(a) A policy of group life insurance or group disability
insurance or the proceeds thereof, including death benefits,
cash surrender and loan values, premiums waived and dividends,
whether used in reduction of premiums or otherwise, excepting
only where the debtor, subsequent to issuance of the policy, has
actually elected to receive the dividends in cash, payable to
the individual insured or to the named beneficiary are not
liable to be applied by any legal or equitable process to pay
any debt or liability of the insured individual or his
beneficiary or of any other person having a right under the
policy. The proceeds, when not made payable to a named
beneficiary, or to a third person pursuant to a facility-of-
payment clause, do not constitute a part of the insured
individual's estate for the payment of his debts.
(b) This section does not apply to group insurance issued
pursuant to this code to a creditor covering his debtors, to the
extent that the proceeds are applied to payment of the
obligation for the purpose of which the insurance is issued.