31A-22-803. Forms of insurance permitted.
Credit life insurance and credit accident and health insurance may be issued only in the following forms:
(1) individual policies of term life insurance issued to debtors;
(2) individual policies of term accident and health insurance issued to debtors, or accident and health benefit provisions in individual policies of credit life insurance;
(3) group policies of term life insurance issued to creditors, providing insurance upon the lives of debtors;
(4) group policies of term accident and health insurance issued to creditors insuring debtors, or accident and health benefit provisions in group credit life insurance policies.