{"data":{"id":"us-ky/krs-386.476","jurisdiction":"us-ky","citation":"KRS 386.476","heading":"Receipts from insurance policies and similar contracts--Exception.","body":"(1) Except as otherwise provided in subsection (2) of this section, a trustee shall\nallocate to principal the proceeds of a life insurance policy or other contract in\nwhich the trust or its trustee is named as beneficiary, including a contract that\ninsures the trust or its trustee against loss for damage to, destruction of, or loss of\ntitle to a trust asset. The trustee shall allocate dividends on an insurance policy to\nincome if the premiums on the policy are paid from income, and to principal if the\npremiums are paid from principal.\n(2) A trustee shall allocate to income proceeds of a contract that insures the trustee\nagainst loss of occupancy or other use by an income beneficiary, loss of income, or\nloss of profits from a business.\n(3) This section shall not apply to a contract to which KRS 386.480 applies.","path":["KRS Chapter 386"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=35930","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:16Z","sha256":"97cd6e72147ff683af20e6799deeda9137c6cc3bdb2a827e9ba470616715f8ad","source_id":"us-ky","stale":false,"prev":"us-ky/krs-386.474","next":"us-ky/krs-386.478"},"notice":"GroundRules: Original legal text. Not legal advice."}