Section 550.604 - Credit life insurance, credit accident and health insurance; formsCredit life insurance and credit accident and health insurance shall be issued only in the following forms:
(a) Individual policies of life insurance issued to debtors on the term plan;(b) Individual policies of accident and health insurance issued to debtors on a term plan or disability provisions in individual policies of credit life insurance;(c) Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;(d) 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.1958, Act 173, Eff. 9/13/1958.