§431:10D-113  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,
such principal increased by unpaid interest and compounded as provided in this
part. [L 1987, c 347, pt of §2]