(215 ILCS 5/155.53) (from Ch. 73, par. 767.53)
Sec. 155.53.
Forms of credit life insurance and credit accident and health
insurance.)
Credit life insurance and credit accident and health insurance shall be
issued only in the following forms:
(a) Individual policies of life insurance issued to debtors on the term
plan;
(b) 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;
(c) Group policies of life insurance issued to creditors providing
insurance upon the lives of debtors on the term plan;
(d) 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.
(Source: Laws 1959, p. 1140.)
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