Pennsylvania § 8147 - Insurance policies and similar contracts.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 8147 — Insurance policies and similar contracts., with citation guidance and answers to common questions.
§ 8147. Insurance policies and similar contracts.
(a) General rule.--
(1) Except as otherwise provided in subsection (b) or (c), a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary. This paragraph includes a contract which insures the trust or its trustee against loss for damage to, destruction of or loss of title to a trust asset.
(2) If the premiums on the policy or contract are paid from income, the trustee shall allocate to income dividends on the policy or contract.
(3) If the premiums on the policy or contract are paid from principal, the trustee shall allocate to principal dividends on the policy or contract.
(b) Allocation of proceeds to income.--Except as provided in subsection (c), a trustee shall allocate to income proceeds of a contract which insures the trustee against any of the following:
(1) Loss of occupancy or other use by an income beneficiary.
(2) Loss of income.
(3) Subject to section 8143 (relating to business and other activities conducted by trustee), loss of profits from a business.
(c) Application.--This section does not apply to a contract to which section 8149 (relating to retirement benefits, individual retirement accounts, deferred compensation, annuities and similar payments) applies.
Source: official Pennsylvania text · Last verified 2026-08-27
Frequently Asked Questions About Pennsylvania § 8147
What does Pennsylvania Consolidated Statutes § 8147 cover?
Section 8147 ("Insurance policies and similar contracts.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. 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 Pennsylvania § 8147?
A common citation format is "Pennsylvania Consolidated Statutes § 8147" (Pennsylvania). 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 Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 8147 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania 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 Pennsylvania.