150(1)This section does not apply to a contract of group insurance or to a contract made by a fraternal society.
150(2)Where a contract lapses and the insured within two years applies for reinstatement of the contract, if within that time he
(a)
pays the overdue premiums and other indebtedness under the contract to the insurer, together with interest at the rate specified in the contract, but not exceeding six per cent per annum, compounded annually; and
(b)
produces
(i)
evidence satisfactory to the insurer of the good health, and
(ii)
other evidence satisfactory to the insurer of the insurability,
of the person whose life is insured;
the insurer shall reinstate the contract.
150(3)Subsection (2) does not apply where the cash surrender value has been paid or an option of taking paid-up or extended insurance has been exercised.
150(4)Sections 144 and 145 apply, mutatis mutandis, to reinstatement of a contract.