26-15-113. Contents of policies generally.
(a) Any policy shall specify:
(i) The names of the parties to the contract;
(ii) The subject of the insurance;
(iii) The risks insured against;
(iv) The time when the insurance thereunder takes effect and the period during which the insurance is to continue;
(v) The premium;
(vi) The conditions pertaining to the insurance;
(vii) Benefits payable, if a life or disability insurance contract.
(b) The commissioner, by rule or regulation, may require a life insurer to show in life insurance policies, by reasonable itemization thereof, the amount of premium charged for optional, unique or particular material features or benefits included in or with the policy. The commissioner may also specify what portion of the charge by the insurer for or in connection with title insurance shall be set forth in the policy.
(c) If under the policy the exact amount of premium is determinable only at stated intervals or upon 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) Subsections (a) through (c) of this section do not apply to surety contracts or to group insurance policies.