193(1)Subject to section 194 and except as otherwise provided in this section, the insurer shall set forth in the policy every exception or reduction affecting the amount payable under the contract, either in the provision affected by the exception or reduction, or under a heading such as “Exceptions” or “Reductions”.

193(2)Where the exception or reduction affects only one provision in the policy it shall be set forth in that provision.

193(3)Where the exception or reduction is contained in an endorsement, insertion or rider, the endorsement, insertion or rider shall, unless it affects all amounts payable under the contract, make reference to the provisions in the policy affected by the exception or reduction.

193(4)The exception or reduction mentioned in section 206 need not be set forth in the policy.

193(5)This section does not apply to a contract made by a fraternal society.