Credit life insurance and credit disability 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 disability insurance issued to debtors on a term plan, or disability provisions in individual life policies to provide coverage;(3) Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; and(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.Acts 1959, No. 148, § 431; A.S.A. 1947, § 66-3805.
Arkansas Legal Code