Alaska Statutes: AS 13.38.660. Insurance Policies and Similar Contracts.

Alaska Statutes. Title 13. Decedents' Estates, Guardianships, Transfers, and Trusts. Chapter 38. Alaska Principal and Income Act Section 660. Insurance Policies and Similar Contracts.

previous: Section 650. Obligation to Pay Money.
next: Section 670. Special Rules For Charitable Remainder Unitrusts.

AS 13.38.660. Insurance Policies and Similar Contracts.

   (a) Except as otherwise provided in (b) or (c) of this section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of, or loss of title to a trust asset. If the premiums on the policy or contract are paid from income, the trustee shall allocate dividends on the policy or contract to income. If the premiums on the policy or contract are paid from principal, the trustee shall allocate dividends on the policy or contract to principal.
   (b) Except as provided in (c) of this section, a trustee shall allocate to income proceeds of a contract that insures the trustee against
        (1) loss of occupancy or other use by an income beneficiary;
        (2) loss of income; or
        (3) subject to AS 13.38.620 , loss of profits from a business.
   (c) This section does not apply to a contract to which AS 13.38.690 applies.

This version of the Alaska Statutes is current through December, 2022. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful.