(III) THE DEBTORS OF ONE OR MORE AFFILIATED CORPORATIONS,
PROPRIETORSHIPS, OR PARTNERSHIPS IF THE BUSINESS OF THE POLICYHOLDER
AND OF THE AFFILIATED CORPORATIONS, PROPRIETORSHIPS, OR PARTNERSHIPS IS
UNDER COMMON CONTROL.

(C) (1) THE PREMIUM FOR THE POLICY SHALL BE PAID EITHER FROM THE
CREDITOR'S FUNDS, OR FROM CHARGES COLLECTED FROM THE INSURED DEBTORS,
OR FROM BOTH.

(2) EXCEPT AS PROVIDED IN PARAGRAPH (3) OF THIS SUBSECTION, A
POLICY ON WHICH NO PART OF THE PREMIUM IS TO BE DERIVED FROM THE FUNDS
CONTRIBUTED BY INSURED DEBTORS SPECIFICALLY FOR THEIR INSURANCE MUST
INSURE ALL ELIGIBLE DEBTORS.

(3) AN INSURER MAY EXCLUDE ANY DEBTORS AS TO WHOM EVIDENCE
OF INDIVIDUAL INSURABILITY IS NOT SATISFACTORY TO THE INSURER

(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)
AND (3) 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.