637.413 Insurance policies and similar contracts. 1. Proceeds from a life insurance policy whose beneficiary is the trust or its trustee or a policy that insures the trust or its trustee against loss for the damage or destruction of, orloss of title to, a principal asset must be allocated to principal. Dividends received from aninsurance policy and the proceeds of any other contract in which the trust or its trustee isnamed as beneficiary must also be allocated to principal. 2. Insurance proceeds must be allocated to income if they are from a policy that insures the trustee against the loss of occupancy or other use by an income beneficiary, the loss ofincome, or, subject to section 637.403, the loss of profits from a business. 3. This section does not apply to a contract to which section 637.421 applies.99 Acts, ch 124, §15 Sat Dec 23 12:19:12 2023 Iowa Code 2024, Section 637.413 (16, 0)
Iowa Legal Code