Credit life insurance and credit accident and health insurance may be issued only in the following forms: (1) individual policies of term life insurance issued to debtors; (2) individual policies of term accident and health insurance issued to debtors, or accident and health benefit provisions in individual policies of credit life insurance; (3) group policies of term life insurance issued to creditors, providing insurance upon the lives of debtors; (4) group policies of term accident and health insurance issued to creditors insuring debtors, or accident and health benefit provisions in group credit life insurance policies.
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