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