§ 7208. Life insurance.
98 words·~1 min read·
/pa/title-20/chapter-72/7208A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 7208. Life insurance.
A trustee may acquire or retain a contract of life insurance upon 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; or
(4)diversify the contract.
20c7208v
Special Provisions in Appendix. See section 6(b) of Act 28 of 1999 in the appendix to this title for special provisions relating to applicability.
20c7209s