Credit life insurance and credit health insurance shall be issued only in the following forms:

1. (1) Individual policies of life insurance issued to debtors on the term plan;
2. (2) Individual policies of health insurance issued to debtors on a term plan or disability benefit provisions in individual policies of credit life insurance;
3. (3) Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;
4. (4) Group policies of 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.

Source: SL 1966, ch 111 , ch 27, § 3.