A policy issued to a creditor to insure debtors of such creditor shall contain a provision
that the insurer will furnish to the policyholder for delivery to each debtor insured
under the policy a form which will contain a statement that the life of the debtor
is insured under the policy and that any death benefit paid thereunder by reason of
the death of the debtor shall be applied to reduce or extinguish the indebtedness.
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