Credit life insurance and credit accident and sickness insurance shall be issued only in the following forms: (1) Individual policies of life insurance issued to debtors on a term plan; (2) Individual policies of accident and sickness insurance issued to debtors on a term plan or disability benefit provisions in individual policies of credit life insurance; (3) Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; (4) Group policies of accident and sickness insurance issued to creditors on a term plan insuring debtors or disability benefit provisions in group credit life insurance policies to provide such coverage.
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