Colorado § 15-5-114 - Insurable interest of trustee - definition.
Full text of Colorado Colorado Revised Statutes § 15-5-114 — Insurable interest of trustee - definition., with citation guidance and answers to common questions.
§ 15-5-114. Insurable interest of trustee - definition.
(1) In this section, "settlor" means a person who executes a trust instrument. The term includes a person for which a fiduciary or agent is acting.
(2) A trustee of a trust has an insurable interest in the life of an individual insured under a life insurance policy that is owned by the trustee of the trust acting in a fiduciary capacity or that designates the trust itself as the owner if, on the date the policy issued:
(a) The insured is:
(I) A settlor of the trust; or
(II) An individual in whom a settlor of the trust has, or would have had if living at the time the policy was issued, an insurable interest; and
(b) The life insurance proceeds are primarily for the benefit of one or more trust beneficiaries that have:
(I) An insurable interest in the life of the insured; or
(II) A substantial interest engendered by love and affection in the continuation of the life of the insured and, if not already included pursuant to subsection (2)(b)(I) of this section, who are:
(A) Related within the fifth degree or closer, as measured by the civil law system of determining degrees of relation, either by blood or law, to the insured;
(B) Stepchildren of the insured or their descendants; or
(C) Individuals who are designated as beneficiaries of insurance policies for life insurance coverage on the life of the insured under a designated beneficiary agreement executed pursuant to article 22 of this title 15.
(3) This section does not limit or abridge any insurable interest or right to insure under the common law or any other statute.
Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1152, § 1, effective January 1, 2019.
PART 2
JUDICIAL PROCEEDINGS
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 15-5-114
What does Colorado Revised Statutes § 15-5-114 cover?
Section 15-5-114 ("Insurable interest of trustee - definition.") 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 § 15-5-114?
A common citation format is "Colorado Revised Statutes § 15-5-114" (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 § 15-5-114 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.