Particulars in policy – contract of group insurance or creditor’s group insurance
137In the case of a contract of group insurance or of creditor’s group insurance, an insurer shall set forth the following particulars in the policy:
(a)
the name or a sufficient description of the insured;
(b)
the method of determining the persons whose lives are insured;
(c)
the amount, or the method of determining the amount, of the insurance money payable, and the conditions under which it becomes payable;
(d)
the period of grace, if any, within which the premium may be paid;
(e)
whether the contract provides for participation in a distribution of surplus or profits that may be declared by the insurer.