14-10908. Life insurance on settlor; liability of trustee A trustee may acquire or retain a contract of life insurance on the life of the settlor or the settlor's spouse, or both, without liability for a loss arising from the trustee's failure to: 1. Determine whether the contract is or remains a proper investment. 2. Investigate the financial strength of the life insurance company. 3. Exercise nonforfeiture provisions available under the contract. 4. Diversify the contract.
Arizona Legal Code