Limitations on form of issuance and type of insurance.
1. Credit insurance may be issued only in the following forms:
(a) Individual policies of insurance issued to debtors.
(b) Group policies of insurance issued to creditors who provide certificates of insurance to individual debtors.
2. Either of the forms described in subsection 1 may include coverage for any combination of the following types of credit insurance:
(a) Credit life insurance, which may include a benefit for accidental dismemberment.
(b) Credit disability insurance.
(c) Involuntary unemployment insurance.
Last modified: February 27, 2006