(D) (1) THE AMOUNT OF INSURANCE ON THE LIFE OF ANY DEBTOR SHALL
AT NO TIME EXCEED THE GREATER OF THE SCHEDULED OR ACTUAL AMOUNT OF
UNPAID INDEBTEDNESS TO THE CREDITOR

(2) (I) THE INSURANCE MAY BE PAYABLE TO THE CREDITOR OR ANY
SUCCESSOR TO THE RIGHT, TITLE, AND INTEREST OF THE CREDITOR

(II) THE PAYMENT SHALL REDUCE OR EXTINGUISH THE UNPAID
INDEBTEDNESS OF THE DEBTOR TO THE EXTENT OF THE PAYMENT AND ANY EXCESS
OF THE INSURANCE SHALL BE PAYABLE TO THE BENEFICIARY NAMED BY THE
INSURED OTHER THAN THE CREDITOR OR TO THE ESTATE OF THE INSURED.

(3) NOTWITHSTANDING THE PROVISIONS OF PARAGRAPHS (1) AND
(2) OF THIS SUBSECTION:

(I) INSURANCE ON AGRICULTURAL CREDIT TRANSACTION
COMMITMENTS NOT EXCEEDING A TERM OF 1 YEAR MAY BE WRITTEN UP TO THE
AMOUNT OF THE LOAN COMMITMENT ON A NONDECREASING OR LEVEL TERM PLAN;
AND

(II) INSURANCE ON EDUCATIONAL CREDIT TRANSACTION
COMMITMENTS MAY BE WRITTEN UP TO THE AMOUNT OF THE LOAN COMMITMENT
LESS THE AMOUNT OF ANY REPAYMENTS MADE ON THE LOAN.

17-207.

(a) (1) Subject to the requirements of this section, the lives of a group of
individuals may be insured under a policy issued to a credit union organized in
accordance with State law or the Federal Credit Union Act to cover members of the
credit union for the benefit of persons other than the credit union or its officials.

(2) The credit union to which the policy is issued is deemed the
policyholder.

(b) All members of the credit union, or all of any class or classes of members
determined by conditions pertaining to their age or membership in the credit union or
both, are eligible for insurance under a policy issued in accordance with this section.

[(c) (1) The credit union shall pay the premium for the policy:

(i) wholly from the funds of the credit union; or

(ii) partly from the funds of the credit union and partly from funds
contributed by the insured members specifically for their insurance.

(2) A policy may not be issued on which the entire premium is to be paid
from funds contributed by the insured members specifically for their insurance.

(3) A policy on which the premium is to be paid partly from funds
contributed by the insured members specifically for their insurance may be placed in
force only if at least 75% of the eligible members, other than those who have evidence
of individual insurability that is unsatisfactory to the insurer, elect to make the
required contributions.