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(1) An insurer may exclude or limit the coverage under a group life policy on any person, including a group member's dependent, as to whom the evidence of individual insurability is not satisfactory to the insurer.
(2) The group life insurance policy shall contain a provision setting forth the conditions, if any, under which the insurer reserves the right to require a person eligible for insurance to furnish satisfactory evidence to the insurer of the individual insurability as a condition to part or all of his coverage.