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.