Idaho § 41-2306 - Amount of insurance
Full text of Idaho Idaho Statutes § 41-2306 — Amount of insurance, with citation guidance and answers to common questions.
§ 41-2306. Amount of insurance
(1) Credit life insurance:
(a) The amount of credit life insurance shall not exceed the initial indebtedness, however the indebtedness may be repayable.
(b) In cases where an indebtedness is repayable in substantially equal instalments, the amount of insurance shall at no time exceed the scheduled or actual amount of unpaid indebtedness, whichever is greater.
(c) Notwithstanding the provisions of (a) or (b) above, insurance on agricultural credit transactions not exceeding one year in duration may be written up to the amount of the loan commitment on a nondecreasing or level term plan.
(d) Except, that the amount of insurance provided under a group insurance contract shall be subject to section 41-2005 (4) (debtor groups).
(2) Credit disability insurance: The total amount of indemnity payable by credit disability insurance in the event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid instalments of the indebtedness; and the amount of each periodic indemnity payment shall not exceed the original indebtedness divided by the number of periodic instalments.
[41-2306, added 1961, ch. 330, sec. 541, p. 645.]
Source: official Idaho text · Last verified 2026-08-27
Frequently Asked Questions About Idaho § 41-2306
What does Idaho Statutes § 41-2306 cover?
Section 41-2306 ("Amount of insurance") 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 § 41-2306?
A common citation format is "Idaho Statutes § 41-2306" (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 § 41-2306 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.