(1) All credit life insurance and credit disability insurance subject to this chapter 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.
(2) Each individual policy or group certificate of credit life insurance or credit disability insurance or any combination thereof or both shall, in addition to other requirements of law, set forth the name of the insurer, the name or names of the debtor, the premium or amount of payment by the debtor separately for credit life insurance and credit disability 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 or extinguish the unpaid indebtedness and, whenever the amount of insurance may exceed the unpaid indebtedness, that any excess shall be payable to a beneficiary, other than the creditor, named by the debtor, or his estate.
(3) Notwithstanding the provisions of subsection (2) of this section, a certificate issued where the indebtedness is a revolving loan or revolving charge account, may set forth the rate of premium or amount of payment.
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