Sec. 11. When life insurance or accident and health insurance is required as additional security for any indebtedness, the debtor shall have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by him or of procuring and furnishing the required coverage through any insurer authorized to transact an insurance business within this state. As used in this section, “life insurance” and “accident and health insurance” includes any form and any amount of life insurance or accident and health insurance that affords security to the creditor for the indebtedness involved.

Formerly: Acts 1961, c.47, s.11.