2010 Alaska Statutes
Title 13. DECEDENTS' ESTATES, GUARDIANSHIPS, TRANSFERS, TRUSTS, AND HEALTH CARE DECISIONS
Chapter 13.38. ALASKA PRINCIPAL AND INCOME ACT
Sec. 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.
Disclaimer: These codes may not be the most recent version. Alaska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
