Section 3. Forms of Credit Life Insurance and Credit Accident and Health Insurance.--Credit life insurance and credit accident and health insurance shall be issued only in the following forms:
(1) Individual policies of life insurance to insure the lives of debtors on the term plan.
(2) Individual policies of accident and health insurance to insure debtors on a term plan or disability benefit provisions in individual policies of credit life insurance.
(3) Group policies of life insurance issued for delivery to creditors providing insurance upon the lives of debtors on the term plan.
(4) Group policies of accident and health insurance issued for delivery to creditors on a term plan insuring debtors or disability benefit provisions in group credit life insurance policies to provide such coverage.