N.Y. General Municipal Law 206-B – Exemption of benefits payable under blanket accident insurance covering volunteer firefighters
§ 206-b. Exemption of benefits payable under blanket accident insurance covering volunteer firefighters. Not only shall the benefits payable or allowable under any blanket accident insurance policy or contract purchased (1) by a fire department pursuant to § 4237 of the insurance law, or (2) by a municipal corporation or fire district pursuant to any general, special or local law, to insure active volunteer firefighters against injury or death resulting from bodily injuries sustained by such firefighters in the performance of their duties be exempt from execution as provided in subsection (c) of § 3212 of the insurance law, but also any benefits payable or allowable under any such policy or contract in the event of the death of an insured volunteer firefighter shall be exempt from execution for the purpose of satisfying any debt or liability of the beneficiary designated in the policy or contract, or in the event that the insured volunteer firefighter is a minor shall be exempt from execution for the purpose of satisfying any debt or liability of the person to whom such benefits are payable pursuant to subsection (b) of § 4237 of the insurance law.
Terms Used In N.Y. General Municipal Law 206-B
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.