All life insurance and all accident and health insurance sold in connection with loans or other credit transactions shall be subject to the provisions of this chapter, except such insurance sold in connection with a real estate first mortgage loan, or where the issuance of that insurance is an isolated transaction on the part of the insurer not related to an agreement or a plan for insuring debtors of the creditor. (Added 1959, No. 221, § 2(A); amended 1967, No. 58, § 1.)