(a) After three years from the date of issue of this policy, no misstatements except fraudulent misstatements made by the applicant in the application for such policy shall be used to void the policy or to deny a claim for loss incurred or disability (as defined in the policy) commencing after the expiration of such three-year period.”
(1) (The foregoing policy provisions shall not be so construed as to affect any legal requirements for avoidance of a policy or denial of a claim during such initial three-year period, not to limit the application of sections 868–872, inclusive, of this title in the event of misstatement with respect to age or occupation or other insurance.)
(2) (A policy which the insured has the right to continue in force subject to its terms by the timely payment of premium (a) until at least age 50 or, (b) in the case of a policy issued after age 44, for at least five years from its date of issue, may contain in lieu of the following provision (from which the clause in parentheses may be omitted at the insurer's option) under the caption “Incontestable”:
(b) “No claim for loss incurred or disability (as defined in the policy) commencing after three years from the date of issue of this policy shall be reduced or denied on the ground that a disease or physical condition not excluded from coverage by name or specific description effective on the date of loss had existed prior to the effective date of this policy.”