2015 ORS 743.047¹
Exemption of proceeds of group life insurance

(1) A policy of group life insurance or the proceeds thereof payable to a person or persons other than the individual insured or the individual’s estate shall be exempt from debts and claims of creditors or representatives of the individual insured and, in the event of bankruptcy of the individual insured, from all demands in legal proceedings under such bankruptcy.

(2) The provisions of subsection (1) of this section do not apply to group life insurance issued to a creditor covering the creditor’s debtors to the extent that such proceeds are applied to payment of the obligation for the purpose of which the insurance was so issued. [Formerly 743.102]

(formerly 743.102)

See also annota­tions under ORS 743.102 in permanent edi­tion.

Notes of Decisions

As this sec­tion is only intended to insulate insurance pay­ments from general creditors of an insured, it could not preclude imposi­tion of constructive trust in favor of per­son with direct claim to insurance proceeds. Sinsel v. Sinsel, 47 Or App 153, 614 P2d 115 (1980)


1 Legislative Counsel Committee, CHAPTER 743—Health and Life Insurance, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors743.­html (2015) (last ac­cessed Jul. 16, 2016).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2015, Chapter 743, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano743.­html (2015) (last ac­cessed Jul. 16, 2016).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.