2-3-817. Insurance policies and similar contracts.
(a) Except as otherwise provided in subsection (b) of this section, 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.
(b) 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 W.S. 2-3-813, loss of profits from a business.
(c) This section does not apply to a contract to which W.S. 2-3-819 applies.
Structure Wyoming Statutes
Title 2 - Wills, Decedents' Estates and Probate Code
Article 8 - Principal and Income
Section 2-3-801 - Short Title.
Section 2-3-802 - Definitions.
Section 2-3-803 - Fiduciary Duties; General Principles.
Section 2-3-804 - Trustee's Power to Adjust; Liability of Trustee.
Section 2-3-806 - Determination and Distribution of Net Income.
Section 2-3-807 - Distribution to Residuary and Remainder Beneficiaries.
Section 2-3-808 - When Right to Income Begins and Ends.
Section 2-3-810 - Apportionment When Income Interest Ends.
Section 2-3-811 - Character of Receipts.
Section 2-3-812 - Distribution From Trust or Estate.
Section 2-3-813 - Business and Other Activities Conducted by Trustee.
Section 2-3-814 - Principal Receipts.
Section 2-3-815 - Rental Property.
Section 2-3-816 - Obligation to Pay Money.
Section 2-3-817 - Insurance Policies and Similar Contracts.
Section 2-3-818 - Insubstantial Allocation Not Required.
Section 2-3-819 - Deferred Compensation, Annuities and Similar Payments.
Section 2-3-820 - Liquidating Asset.
Section 2-3-821 - Minerals, Water and Other Natural Resources.
Section 2-3-823 - Property Not Productive of Income.
Section 2-3-824 - Derivatives and Options.
Section 2-3-825 - Asset-Backed Securities.
Section 2-3-826 - Disbursements From Income.
Section 2-3-827 - Disbursements From Principal.
Section 2-3-828 - Transfers From Income to Principal for Depreciation.
Section 2-3-829 - Transfers From Income to Reimburse Principal.
Section 2-3-830 - Income Taxes.
Section 2-3-831 - Adjustments Between Principal and Income.
Section 2-3-832 - Judicial Control of Discretionary Powers.
Section 2-3-833 - Uniformity of Application and Construction.
Section 2-3-834 - Application of Act to Trusts and Estates; Principal Place of Administration.
Section 2-3-835 - Trustee Discretion to Include Capital Gains in Income.