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- Alaska Statutes.
- Title 13. Decedents' Estates, Guardianships, Transfers, and Trusts.
- Chapter 38. Principal and Income of Trusts
- Section 660. Insurance Policies and Similar Contracts.
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. Obligation to Pay Money.
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. 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
- (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
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