Virginia § 64.2-1054 Insurance policy or contract

Virginia Statutes

§ 64.2-1054 — Insurance policy or contract

Virginia § 64.2-1054

JurisdictionVirginia

Title 64.2Wills, Trusts, and Fiduciaries

Subtitle IIITrusts

Ch. 10.1Uniform Fiduciary Income And Principal Act

Art. 5Allocation of Receipts: Receipts Not Normally Apportioned

This text of Virginia § 64.2-1054 (Insurance policy or contract) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 64.2-1054 (2026).

Text

A.This section does not apply to a contract to which § 64.2-1056 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 § 64.2-1050, profits from a b

Free access — add to your briefcase to read the full text and ask questions with AI

A. This section does not apply to a contract to which § 64.2-1056 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 § 64.2-1050, profits from a business.