§ 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.