7208 - Life insurance. - Pennsylvania Statutes

§ 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. Effective Date. Section 7(1) of Act 28 of 1999 provided that section 7208 shall take effect immediately. Special Provisions in Appendix. See section 6(b) of Act 28 of 1999 in the appendix to this title for special provisions relating to applicability.