Section 22-3-407 - [Renumbered Effective 9/1/2024] Receipts not normally apportioned - Insurance policy or contract(1) This section does not apply to a contract to which Section 22-3-409 applies.(2)(a) Except as otherwise provided in Subsection (3), 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.(b) The fiduciary shall allocate dividends on an insurance policy:(i) to income, to the extent premiums on the policy are paid from income; and(ii) to principal, to the extent premiums on the policy are paid from principal.(3) A fiduciary shall allocate to income proceeds of a contract that insures the fiduciary against loss of: (a) occupancy or other use by a current income beneficiary;(c) subject to Section 22-3-403, profits from a business.Renumbered as § 75A-5-407 by Chapter (number not assigned at time of publication), 2024 General Session ,§ 152, eff. 9/1/2024.Amended by Chapter 348, 2020 General Session ,§ 19, eff. 7/1/2020.Repealed and reenacted by Chapter 495, 2019 General Session ,§ 23, eff. 7/1/2020.Enacted by Chapter 285, 2004 General Session.