Section 206-B. Exemption of benefits payable under blanket accident insurance covering volunteer firemen

Not  only  shall  the  benefits  payable  or  allowable  under  any  blanket accident insurance policy or
  contract purchased (1) by a fire department  pursuant  to  section  four
  thousand  two  hundred  thirty-seven  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 firemen against injury or death
  resulting  from  bodily  injuries  sustained  by  such  firemen  in  the
  performance of their duties be exempt  from  execution  as  provided  in
  subsection  (c)  of  section  three  thousand  two hundred twelve 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
  fireman 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 fireman 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 section four thousand two hundred thirty-seven of  the
  insurance law.