A. The written instrument in which a contract of insurance is set forth is the policy.
B. Every policy shall specify:
1. The names of the parties to the contract.
2. The insurer's name and complete address.
3. The subject of the insurance.
4. The risks insured against.
5. The time when the insurance thereunder takes effect and the period during which the insurance is to continue.
6. The premium.
7. The conditions pertaining to the insurance.
C. If under the policy the exact amount of premium is determinable only at stated intervals or termination of the contract, a statement of the basis and rates upon which the premium is to be determined and paid shall be included.
D. This section shall not apply to surety contracts, or to group insurance policies.
Laws 1957, p. 366, § 3613.