Section 72-38-113 - Insurable interest of trustee(1) In this section, "settlor" means a person who executes a trust instrument. The term includes a person for which a fiduciary or agent is acting.(2) A trustee of a trust has an insurable interest in the life of an individual insured under a life insurance policy that is owned by the trustee of the trust acting in a fiduciary capacity or that designates the trust itself as the owner if, on the date the policy is issued:(a) the insured is: (i) a settlor of the trust; or(ii) an individual in whom a settlor of the trust has, or would have had if living at the time the policy was issued, an insurable interest; and(b) the life insurance proceeds are primarily for the benefit of one or more trust beneficiaries who have an insurable interest in the life of the insured as provided in 33-15-201.Added by Laws 2013, Ch. 264, Sec. 13, eff. 10/1/2013.