Arkansas § 28-77-407 Insurance policy or contract

Arkansas Statutes

§ 28-77-407 — Insurance policy or contract

Arkansas § 28-77-407

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This text of Arkansas § 28-77-407 (Insurance policy or contract) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 28-77-407 (2026).

Text

(a)This section does not apply to a contract to which § 28-77-409 applies.

(b)Except as otherwise provided in subsection (c), a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract received by the fiduciary as beneficiary, including a contract that insures against damage to, destruction of, or loss of title to an asset. The fiduciary shall allocate dividends on an insurance policy to income to the extent premiums on the policy are paid from income and to principal to the extent premiums on the policy are paid from principal.

(c)A fiduciary shall allocate to income proceeds of a contract that insures the fiduciary against loss of:

(1)occupancy or other use by a current income beneficiary;

(2)income; or (3) subject to § 28-77-403 , profits from

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(a) This section does not apply to a contract to which § 28-77-409 applies. (b) Except as otherwise provided in subsection (c), a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract received by the fiduciary as beneficiary, including a contract that insures against damage to, destruction of, or loss of title to an asset. The fiduciary shall allocate dividends on an insurance policy to income to the extent premiums on the policy are paid from income and to principal to the extent premiums on the policy are paid from principal. (c) A fiduciary shall allocate to income proceeds of a contract that insures the fiduciary against loss of: (1) occupancy or other use by a current income beneficiary; (2) income; or (3) subject to § 28-77-403 , profits from a business.