Forms authorized to be issued

Credit life insurance and credit accident and health insurance shall be issued only in the following forms: (1) Individual policies of life insurance issued to debtors on the term plan; (2) Individual policies of accident and health insurance issued to debtors on a term plan or disability provisions in individual life policies to provide such coverage; (3) Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; and (4) Group policies of accident and health insurance issued to creditors on a term plan insuring debtors or disability provisions in group life policies to provide such coverage.