20-1229. Authorized deductions from insurance 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.

2. The amount of principal and accrued interest of any policy loan or other indebtedness against the policy then remaining unpaid.

20-1229. Authorized deductions from insurance 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.

2. The amount of principal and accrued interest of any policy loan or other indebtedness against the policy then remaining unpaid.