§ 17-103
69 words·~1 min read·
/md/insurance/17-103A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§17–103.
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.