Section 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. SL 1966, ch 111, ch 27, § 3.