If a creditor provides insurance, the insurance shall be evidenced by an individual policy or certificate of insurance delivered to the debtor at the time of the transaction where the debtor is present at the creditor’s place of business.

If the debtor is not present at the creditor’s place of business at the time of the transaction, the individual policy or certificate of insurance must be sent to him at his address as stated by him, within thirty days after the term of the insurance commences under the agreement between the creditor and debtor or the creditor shall promptly notify the debtor of any failure or delay in providing the insurance.

Each policy or certificate of credit life insurance or credit accident and sickness insurance shall set forth the following on the first page of the policy or attached thereto in a manner that is clear and conspicuous and achieves a grade level score of no higher than seventh grade on the Flesch-Kincaid readability test:

(a) the name, address, and telephone number of the insurer and the process to be followed in submitting a claim;

(b) the name or names of the debtor, or in the case of a certificate, the identity by name or otherwise of the debtor;

(c) the age or date of birth of the debtor;

(d) the premium or amount payable by the debtor separately for credit life insurance and credit accident and sickness insurance;

(e) a description of the coverage including the amount and term of the coverage, and any exceptions, limitations, or restrictions;

(f) a statement that the benefits shall be paid to the creditor to reduce or extinguish the unpaid indebtedness;

(g) a statement that, if the amount of insurance exceeds the amount necessary to discharge the indebtedness, any excess shall be payable to a beneficiary, other than the creditor, named by the debtor or to the debtor’s estate;

(h) a conspicuous statement that the insured debtor shall have the right to cancel the insurance policy or group certificate and have all the premiums paid by or charged to the insured debtor refunded or credited, upon giving written notice to the insurer within thirty days from the date the insured debtor received the policy or certificate;

(i) a conspicuous statement which reads as follows: "For specific information about credit insurance issued in conjunction with your loan, contact your creditor or your insurance company. For general information about credit insurance or complaints regarding your credit insurance, please contact the South Carolina Department of Insurance at [current toll-free number]."; and

(j) the provisions of this section do not apply to insurance for which no identifiable charge is made to the debtor.