Insurable interest may not exceed indebtedness to be secured.

- Creditor has, for the purpose of indemnification against loss, but for no other, an insurable interest in the life of a debtor; and this interest cannot exceed in amount that of the indebtedness to be secured. Such indebtedness may, however, include the cost of taking out and keeping up the insurance, if made a charge against the debtor or the debtor's estate, or upon the proceeds of the policy when collected. Vulcan Life & Accident Ins. Co. v. United Banking Co., 118 Ga. App. 36, 162 S.E.2d 798 (1968).

Indebtedness is the total amount a consumer would pay over the course of the loan.

- Insurance company did not illegally overcharge a policy holder for a credit life policy on a vehicle loan, because under O.C.G.A. § 33-31-1, indebtedness was defined as the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction, and this included the interest charged on the vehicle loan. Printis v. Bankers Life Ins. Co., 256 Ga. App. 266, 568 S.E.2d 85 (2002), aff'd, 276 Ga. 697, 583 S.E.2d 22 (2003).

RICO action against an insurer regarding the insurer's calculation of the premium for a credit life insurance policy issued in connection with an installment loan failed to state a cause of action under O.C.G.A. § 9-11-12(c) because applying the definition of "indebtedness" found in O.C.G.A. § 33-31-1(5) to the language in O.C.G.A. § 33-31-4(a), the insurer properly calculated the premium based on the total payments due through the life of the loan, a gross balance decreasing term coverage method. Printis v. Bankers Life Ins. Co., 276 Ga. 697, 583 S.E.2d 22 (2003).

Cited in Mason v. Service Loan & Fin. Co., 128 Ga. App. 828, 198 S.E.2d 391 (1973); Turpeau v. Fidelity Fin. Servs., Inc., 936 F. Supp. 975 (N.D. Ga. 1996).