Forms of insurance which are authorized

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 benefit provisions in individual policies of credit life insurance; (3) Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; (4) 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. (1975, c. 660, s. 1.)