Credit life insurance and credit disability insurance shall be issued only in the following forms:
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(1) Individual policies of life insurance issued to debtors on the term plan;
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(2) Individual policies of disability insurance issued to debtors on a term plan, or disability provisions in individual life policies to provide coverage;
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(3) Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; and
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(4) Group policies of disability insurance issued to creditors on a term plan insuring debtors, or disability provisions in group life policies to provide coverage.