Sec. 12-342. Life, accident and war risk insurance.

      Sec. 12-342. Life, accident and war risk insurance. The provisions of sections 12-341 and 12-341b shall not apply to the proceeds of any policy of life or accident insurance payable to a named beneficiary or beneficiaries, including such proceeds payable to a trustee or trustees under an inter vivos or testamentary trust or the proceeds of any insurance policy of a decedent payable at his death to his estate, the executors of his will or the administrators of his estate. The proceeds of any insurance policy issued by the United States and generally known as war risk insurance, United States government life insurance or national service life insurance shall not be taxable within the provisions of this chapter.

      (1949 Rev., S. 2023; 1949, S. 1139d; 1957, P.A. 163, S. 27; 1963, P.A. 514; 1969, P.A. 784, S. 1.)

      History: 1963 act included proceeds payable under trust; 1969 act revised section so that proceeds of insurance policy payable at death to estate, executors or administrators no longer subject to taxes.

      Life insurance purchased in combination with annuity contract held taxable under section 12-341(d). 132 C. 5. Annuity is not within exception. 140 C. 491; 145 C. 497. Cited. 210 C. 277.

      Where accident insurance policy named no beneficiary, proceeds taxable to the estate. 17 CS 71. Meaning and application of word "proceeds" discussed. 38 CS 54.