14-10908. Life insurance on settlor; liability of trustee


A trustee may acquire or retain a contract of life insurance on 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.


4. Diversify the contract.