Connecticut § 45a-499l Insurable interest of trustee.

Connecticut Statutes

§ 45a-499l — Insurable interest of trustee.

Connecticut § 45a-499l

Title 45aProbate Courts and Procedure

Ch. 802cTrusts

This text of Connecticut § 45a-499l (Insurable interest of trustee.) is published on Counsel Stack Legal Research, covering Connecticut primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Conn. Gen. Stat. § 45a-499l (2026).

Text

A trustee has an insurable interest in the life of an individual insured under a life insurance policy that is owned by the trustee or that designates the trust itself as the owner if, on the date the policy is issued:

(1)The insured is:

(A)A settlor of the trust; or (B) an individual in whom a settlor of the trust has, or would have had if living at the time the policy was issued, an insurable interest; and (2) The life insurance proceeds are primarily for the benefit of one or more trust beneficiaries who have:

(A)An insurable interest in the life of the insured; or (B) a substantial interest engendered by love and affection in the continuation of the life of the insured and, if not already included under subdivision (1) of this section, who are:

(i)Related within the third degree or

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A trustee has an insurable interest in the life of an individual insured under a life insurance policy that is owned by the trustee or that designates the trust itself as the owner if, on the date the policy is issued: (1) The insured is: (A) A settlor of the trust; or (B) an individual in whom a settlor of the trust has, or would have had if living at the time the policy was issued, an insurable interest; and (2) The life insurance proceeds are primarily for the benefit of one or more trust beneficiaries who have: (A) An insurable interest in the life of the insured; or (B) a substantial interest engendered by love and affection in the continuation of the life of the insured and, if not already included under subdivision (1) of this section, who are: (i) Related within the third degree or closer, as measured by the law of this state for determining degrees of relation, either by blood or law, to the insured; or (ii) stepchildren of the insured.