33-21-201 . Form of issuance. An insurer may deliver or issue for delivery credit life insurance and credit disability insurance only in the following forms: (1) individual policies of life insurance issued to debtors on a term plan; (2) individual policies of disability 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 on the lives of debtors on a term plan; (4) group policies of disability insurance issued to creditors on a term plan insuring debtors or disability provisions in group credit life insurance policies to provide disability coverage; (5) joint policies of life insurance issued to debtors providing insurance jointly on the lives of joint debtors on a term plan; or (6) joint policies of disability insurance issued to debtors on a term plan insuring joint debtors or disability provisions in joint credit life insurance policies to provide disability coverage.
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