Credit life insurance and credit accident and 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 accident and 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; or
4. (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.

(Added 1959, No. 221, § 3.)