Forms of insurance

Sec. 3. Credit life insurance and credit accident and health insurance shall be issued only in the following forms: A. Individual policies of life insurance issued to debtors on the term plan; B. Individual policies of accident and health insurance issued to debtors on a term plan or disability benefit provisions in individual policies of credit life insurance; C. Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; D. Group policies of accident and health insurance issued to creditors on a term plan insuring debtors or disability benefit provisions in group credit life insurance policies to provide such coverage. Formerly: Acts 1961, c.47, s.3.