58-19-4.   Forms of credit life insurance and credit health insurance. Credit life insurance and credit health insurance shall be issued only in the following forms:

             (1)      Individual policies of life insurance issued to debtors on the term plan;

             (2)      Individual policies of health 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 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.

Source: SL 1966, ch 111, ch 27, § 3.

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