Colorado § 15-1.2-407 - Insurance policy or contract.
Full text of Colorado Colorado Revised Statutes § 15-1.2-407 — Insurance policy or contract., with citation guidance and answers to common questions.
§ 15-1.2-407. Insurance policy or contract.
(1) This section does not apply to a contract to which section 15-1.2-409 applies.
(2) Except as otherwise provided in subsection (3) of this section, 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. The fiduciary shall allocate dividends on an insurance policy to income to the extent premiums on the policy are paid from income and 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;
(b) Income; or
(c) Subject to section 15-1.2-403, profits from a business.
Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 825, § 1, effective January 1, 2022.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 15-1.2-407
What does Colorado Revised Statutes § 15-1.2-407 cover?
Section 15-1.2-407 ("Insurance policy or contract.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 15-1.2-407?
A common citation format is "Colorado Revised Statutes § 15-1.2-407" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 15-1.2-407 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.