HARRY HUGHES, Governor                               2407

shall be evidenced by an individual policy, or in the case
of group insurance by a certificate of insurance, which
individual policy or group certificate of insurance shall be
delivered to the debtor.

(b)  Each individual policy or group certificate of
credit life insurance, [or] credit health insurance, OR
INVOLUNTARY UNEMPLOYMENT BENEFIT INSURANCE, in addition to
other requirements of law, shall set forth the name and home
office address of the insurer, the name or names of the
insured debtor or in the case of a certificate under a group
policy the identity by name or otherwise of the insured
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 of
extinguish the unpaid indebtedness, and wherever the amount
of insurance may exceed the unpaid indebtedness, that the
excess shall be payable to a beneficiary, other than the
creditor, named by the debtor or to his estate.

(c)  The individual policy or group certificate of
insurance shall be delivered to the insured debtor at the
time the indebtedness is incurred except as hereinafter
provided.

(d)  If the individual policy or group certificate of
insurance is not delivered to the debtor at the time the
indebtedness is incurred, a copy of the application for the
policy or a notice of proposed insurance, signed by the
debtor and setting forth the name and home office address of
the insurer, the name or names of the insured debtor, the
premium or amount of payment by the debtor, if any,
separately for credit life insurance, [and] credit health
insurance, OR INVOLUNTARY UNEMPLOYMENT BENEFIT INSURANCE,
the amount, term and a brief description of the coverage
provided, shall be delivered to the debtor at the time the
indebtedness is incurred. The copy of the application for,
or notice of proposed insurance, shall also refer
exclusively to insurance coverage, and shall be separate and
apart from the loan, sale or other credit statement of
account, instrument or agreement, unless the information
required by this subsection is prominently set forth
therein. Upon acceptance of the insurance by the insurer
and within thirty {30) days of the date upon which the
indebtedness is incurred, the insurer shall cause the
individual policy or group certificate of insurance to be
delivered to the debtor. The application or notice of
proposed insurance shall state that upon acceptance by the
insurer, the insurance shall become effective as provided in
§ 436F of this article.

(e)  If the named insurer does not accept the risk, the
debtor shall receive a policy or certificate of insurance
setting forth the name and home office address of the