(a) The written instrument, in which a contract of insurance is set forth, is the policy.
(b) A policy shall specify—
(1) the name of the parties to the contract, the insurer's name and type of organization shall be clearly shown in the policy;
(2) the subject of the insurance;
(3) the risks insured against;
(4) the time at which the insurance thereunder takes effect and the period during which the insurance is to continue;
(5) a statement of the premium, other than as to surety bonds, and if other than life, disability, or title insurance, the premium rate; and
(6) the conditions pertaining to the insurance.
(c) If under the contract the exact amount of premiums is determinable only at termination of the contract, a statement of the basis and rates upon which the final premium is to be determined and paid shall be furnished the Commissioner or the insured upon request.
(d) This section shall not apply to surety insurance contracts.