Credit life insurance and credit disability 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 disability insurance issued to debtors on a term plan or disability benefit 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; and(d) Group policies of disability insurance issued to creditors on a term plan insuring debtors or disability benefit provisions in group credit life insurance policies to provide such coverage.Laws, 1986, ch. 440, § 3, eff. 5/1/1986.