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.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Chapter 87 - Model Act for the Regulation of Credit Life Insurance and Credit Disability Insurance
§ 23-87-110. Provisions of policies and certificates of insurance
§ 23-87-111. Delivery of policy or certificate
§ 23-87-112. Filing, approval, and withdrawal of policies, certificates, notices, etc
§ 23-87-113. Premiums and refunds
§ 23-87-114. Issuance of policies
§ 23-87-116. Debtor's choice of insurer as additional security