§431:10-233  Exemption of proceeds; group
life.  (a)  A policy of group life insurance or the proceeds thereof
payable to the individual insured or to the beneficiary thereunder, shall not
be liable, either before or after payment, to be applied to any legal or
equitable process to pay any liability of any person having a right under the
policy.  The proceeds of the policy, when not made payable to a named
beneficiary or to a third person pursuant to a facility-of-payment clause,
shall not constitute a part of the estate of the individual insured for the
payment of the insured's debts.



(b)  This section shall not apply to group life
insurance policies issued under section 431:10D-203 to the extent that the
proceeds are applied to payment of the obligation for the purpose of which the
insurance was so issued. [L 1987, c 347, pt of §2]