Security authorized or required for payment of a judgment for periodic installments entered in accordance with this chapter shall be in one or more of the following forms and approved by the court:
(1) Bond executed by a qualified insurer;
(2) Annuity contract executed by a qualified insurer;
(3) Evidence of applicable and collectible liability insurance with one or more qualified insurers;
(4) An agreement by one or more qualified insurers to guarantee payment of the judgment; or
(5) Any other satisfactory form of security.
Security complying with this section serves also as a required supersedeas bond.