§ 23-81-117 - Life insurance -- Indebtedness deducted from proceeds.
23-81-117. Life insurance -- Indebtedness deducted from proceeds.
In determining the amount due under any life insurance policy issued, deduction may be made of:
(1) Any unpaid premiums or installments thereof for the current policy year due under the terms of the policy; and
(2) The amount of principal and accrued interest of any policy loan or other indebtedness against the policy then remaining unpaid.