§ 1471.
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/vt/title-27/chapter-18/1471A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1471. Deposit account for proceeds of insurance policy or annuity contract
If proceeds payable under a life or endowment insurance policy or annuity contract are deposited into an account with check or draft-writing privileges for the beneficiary of the policy or contract and, under a supplementary contract not involving annuity benefits other than death benefits, the proceeds are retained by the insurance company or the financial organization where the account is held, the policy or contract includes the assets in the account. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)