(a) Consumer credit insurance shall be evidenced by an individual policy or a group certificate of insurance.
(b) The individual policy or group certificate must, in addition to other requirements of law, set out
(1) the name and home office address of the insurer;
(2) the name of the debtor;
(3) the premium to be paid by the debtor disclosed separately for each kind of coverage or for all coverage in a package, except that, for open-ended loans, the premium rate and the basis of premium calculation must be specified;
(4) a full description of the coverage, including the amount, the term, and any exceptions, limitations, or exclusions;
(5) a statement that the benefits shall be paid to the creditor to reduce or extinguish the unpaid debt and that, whenever the amount of insurance benefit exceeds the unpaid debt, the excess is payable to the debtor, a beneficiary other than the creditor named by the debtor, or the debtor's estate;
(6) an explanation of how refunds are calculated in the event of policy termination; and
(7) if the benefit is not adequate to completely pay off the debt existing on the date of death, disability, or unemployment, a statement to that effect on the face of the individual policy or group certificate in not smaller than 10 point, bold face type.
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