Section 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.Acts 1959, No. 148, § 335; A.S.A. 1947, § 66-3326.