58-19-19 Contents of individual policy or group certificate.
Contents of individual policy or group certificate.
Each individual policy or group
certificate of credit life insurance, or credit health insurance shall, in addition to other requirements
of law, set forth the name and home office address of the insurer, the name or names of the debtor
or in the case of a certificate under a group policy, the identity by name or otherwise of the debtor,
the premium or amount of payment, if any, by the debtor separately for credit life insurance and
credit health insurance, a description of the coverage including the amount and term thereof, and any
exceptions, limitations and restrictions, and shall state that the benefits shall be paid to the creditor
to reduce or extinguish the unpaid indebtedness and, wherever the amount of insurance may exceed
the unpaid indebtedness, that any such excess shall be payable to a beneficiary, other than the
creditor, named by the debtor or to his estate.
Source: SL 1966, ch 111, ch 27, § 6 (2).