(2) The provisions of subsection (1) of this section with respect to legal investments for funds shall also apply to obligations not so insured if:
(a) The obligation constitutes a first lien upon a marketable title to real property;
(b) There exists a lease insurance policy covering the property securing the obligation, issued in conformity with the Insurance Code;
(c) The aggregate lease payments so insured exceeds the amount of the obligation; and
(d) The insurer is legally bound to remit all lease insurance proceeds directly to the owner of the obligation. [Formerly 746.080 and then 743.708]