§ 7208 — Life insurance

A trustee may acquire or retain a contract of life insurance upon the life of the settlor or the settlor's spouse, or both, without liability for a loss arising from the trustee's failure to:

(1) determine whether the contract is or remains a proper investment;

(2) investigate the financial strength of the life insurance company;

(3) exercise nonforfeiture provisions available under the contract; or

(4) diversify the contract.

Legislative History

Special Provisions in Appendix.See section 6(b) of Act 28 of 1999 in the appendix to this title for special provisions relating to applicability.