(a) No policy of life insurance other than industrial, group and pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this territory unless it contains in substance all of the provisions required by sections 953–963, inclusive, of this title. This provision shall not apply to annuity contracts.
(b) Any of such provisions or portions thereof not applicable to single premium or term policies shall to that extent not be incorporated therein.