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.