Idaho § 41-2008 - Credit union groups
Full text of Idaho Idaho Statutes § 41-2008 — Credit union groups, with citation guidance and answers to common questions.
§ 41-2008. Credit union groups
The lives of a group of individuals may be insured under a policy issued to a credit union, which shall be deemed the policyholder, to insure eligible members of the credit union for the benefit of persons other than the credit union or its officials, subject to the following requirements:
(1) The members eligible for insurance under the policy shall be all of the members of the credit union, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer, or all of any class or classes thereof determined by conditions pertaining to their age or membership in the credit union or both.
(2) The premium for the policy shall be paid by the policyholder, either wholly from the credit union’s funds, or partly from such funds and partly from funds contributed by the insured members, specifically for their insurance. No policy shall be issued for which the entire premium is to be derived from funds contributed by the insured members specifically for their insurance.
(3) The policy must cover at least twenty-five (25) members at the date of issue.
(4) The amount of insurance under the policy shall not exceed the amount of the total shares and deposits of the member in or with the credit union.
[I.C., sec. 41-2008, as added by 1969, ch. 214, sec. 56, p. 625.]
Frequently Asked Questions About Idaho § 41-2008
What does Idaho Statutes § 41-2008 cover?
Section 41-2008 ("Credit union groups") is part of the Idaho Statutes, the codified statutory law of Idaho. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Idaho § 41-2008?
A common citation format is "Idaho Statutes § 41-2008" (Idaho). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Idaho law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Idaho official source linked on this page or consult a licensed Idaho attorney.
How does Idaho § 41-2008 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Idaho can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Idaho.