§ 26-21-104 — Amount of credit life insurance

(a) The initial amount of credit life insurance shall not
exceed the total amount repayable under the contract of
indebtedness.
(b) If an indebtedness is repayable in substantially equal
installments, the amount of insurance shall not exceed the
scheduled or actual amount of unpaid indebtedness, whichever is
greater.
(c) Notwithstanding subsections (a) and (b) of this
section, insurance on agricultural credit transactions not
exceeding two (2) years in duration may be written up to the
amount of the loan commitment on a nondecreasing or level term
plan.
(d) Notwithstanding any other provision of law, insurance
on educational credit transaction commitments may be written for
the amount of the portion of that commitment that the creditor
has not advanced.