Section 58-57-10 - Forms of insurance which are authorizedCredit life insurance and credit accident and 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 accident and 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 accident and 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.N.C. Gen. Stat. § 58-57-10