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.