20 Pa. C.S. § 7208

Current through 2024 legislation effective May 8, 2024

Section 7208 - Life insurance

A trustee may acquire or retain a contract of life insurance upon the life of the settlor or the settlor's spouse, or both, without liability for a loss arising from the trustee's failure to:

(1) determine whether the contract is or remains a proper investment;

(2) investigate the financial strength of the life insurance company;

(3) exercise nonforfeiture provisions available under the contract; or

(4) diversify the contract.

20 Pa.C.S. § 7208

1999, June 25, P.L. 212, No. 28, § 2, imd. effective.