Okla. Stat. tit. 60, § 60-175.407: Insurance policies and similar contracts

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 Section 12 of

this act, loss of profits from a business.

C. This section does not apply to a contract to which Section

18 of this act applies.