Sec 14-10908. Life insurance on settlor; liability of trustee

Latest version.

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.

                    
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