Credit life insurance, credit accident and health insurance; forms.

Sec. 4. 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 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 provisions in group life policies to provide such coverage.