§ 64.2-1054 Insurance policy or contract
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:
3. Subject to § 64.2-1050, profits from a business.
History
This law was first created in 2022. The record of its establishment is cataloged in chapter 354 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.
2022, c. 354.