No the $24,000 is not the full value of the insurance benefit the policy is for $100,000 payable on death. The check is generated from the Fireman's Relief Assn. which is the producer of the 1099MISC. When questioned about why they generate the 1099Misc, the answer was "I don't know, it's just how we do it" The relief association expects to be repaid when the policy pays the $100k.
