In the case of a policy insuring the lives of debtors, such a group life insurance policy shall contain a provision that the insurer will furnish to the policyholder for delivery to each debtor insured under the policy a certificate of insurance describing the coverage and specifying that the death benefit shall first be applied to reduce or extinguish the indebtedness.

18 Del. C. 1953, § ?3122; 56 Del. Laws, c. 380, § ?1; 65 Del. Laws, c. 480, § ?1;