Credit life insurance and credit accident and health insurance shall be issued only in the following forms: Individual policies of life insurance issued to debtors on the term plan; Individual policies of accident and health insurance issued to debtors on a term plan or disability provisions in individual life policies to provide such coverage; Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; and Group policies of accident and health insurance issued to creditors on a term plan insuring debtors or disability provisions in group life policies to provide such coverage.
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