A policy shall specify:
(a) The parties between whom the contract is made.
(b) The property or life insured.
(c) The interest of the insured in property insured, if he is not the absolute owner thereof.
(d) The risks insured against.
(e) The period during which the insurance is to continue.
(f) Either:
(1) A statement of the premium, or
(2) If the insurance is of a character where the exact premium is only determinable upon the termination of the contract, a statement of the basis and rates upon which the final premium is to be determined and paid.
(Enacted by Stats. 1935, Ch. 145.)