26-21-103. Forms of credit life and credit disability insurance.
(a) Credit life insurance and credit disability insurance shall be issued only in the following forms:
(i) Individual policies of life insurance issued to debtors on the term plan;
(ii) Individual policies of disability insurance issued to debtors on a term plan, or disability benefit provisions in individual policies of credit life insurance;
(iii) Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;
(iv) 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 disability coverage.