Except as otherwise provided in subsection (b), a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of, or loss of title to a trust asset. The trustee shall allocate dividends on an insurance policy to income if the premiums on the policy are paid from income, and to principal if the premiums are paid from principal.
A trustee shall allocate to income proceeds of a contract that insures the trustee against loss of occupancy or other use by an income beneficiary, loss of income, or, subject to Section 91-17-403, loss of profits from a business.
This section does not apply to a contract to which Section 91-17-409 applies.
Structure Mississippi Code
Chapter 17 - Mississippi Principal and Income Act of 2013
Article 4 - Allocation of Receipts During Administration of Trust
§ 91-17-401. Character of receipt
§ 91-17-402. Distribution from trust or estate
§ 91-17-403. Business and other activities conducted by trustee
§ 91-17-404. Principal receipts
§ 91-17-406. Obligation to pay money
§ 91-17-407. Insurance policies and similar contracts
§ 91-17-408. Insubstantial allocations not required
§ 91-17-409. Deferred compensation, annuities, and similar payments
§ 91-17-410. Liquidating asset
§ 91-17-411. Minerals, water, and other natural resources
§ 91-17-413. Property not productive of income