§2151.1. Insurance contracts

            A. A trustee shall allocate to principal the proceeds of a life insurance policy in which the trustee is named as beneficiary.

            B. A trustee shall allocate to principal the proceeds of a contract that insures the trustee against loss for damage to, destruction of, or loss of an interest in a trust asset.

            C. The trustee shall allocate dividends on an insurance policy to income if the premiums on the policy are paid from income, and to principal if the premiums are paid from principal.

            D. A trustee shall allocate to income proceeds of a contract that insures the trustee against loss of occupancy or other use by an income beneficiary, loss of income, or loss of profits from a business.

            Acts 2020, No. 17, §1, eff. Jan. 1, 2021.