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Committee approves bill to make named life‑insurance beneficiaries superior to later wills
Summary
House Bill 18‑01 would codify that life‑insurance policy beneficiaries receive proceeds per contract and cannot be displaced by a will; committee members asked about simultaneous death scenarios and probate handling before passing the bill.
Representative Reginald Murdock told the committee that House Bill 18‑01 was prompted by a constituent and developed with the Arkansas insurance department to clarify that a named beneficiary on a life‑insurance contract should receive policy proceeds and that a subsequent will cannot override the contract.
“All of this simply does is make sure that that contract, which is the benefit which is the life insurance…
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