58-19-4. Forms of credit life insurance and credit health insurance.Credit life insurance and credit health 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 health insurance issued to debtors on a term plan or disability benefit provisions in individual policies of credit life insurance;(3)Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;(4)Group policies of health insurance issued to creditors on a term plan insuring debtors or disability benefit provisions in group credit life insurance policies to provide such coverage. Source: SL 1966, ch 111, ch 27, §3.
South Dakota Legal Code