1. (1) the life of the debtor is insured under the policy; and
2. (2) a death benefit paid under the policy because of the debtor's death shall be applied to reduce or extinguish the indebtedness.

An insurer that issues a policy to a creditor to insure debtors of the creditor shall provide to the creditor for delivery to each debtor insured under the policy a form that states that:

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.

Formerly Art. 48A, § 436A.