§33-14-19. Certificate or statement of coverage to debtor.
In the case of a group life policy issued to a creditor to
insure debtors of such creditor, there shall be a provision in
such policy that the insurer will furnish to the policyholder for
delivery to each debtor insured under the policy a certificate or
statement of coverage form which shall contain a statement that
the life of the debtor is insured under the policy and that any
death benefit paid thereunder by reason of his death shall be
applied to reduce or extinguish the indebtedness.