Statutory conditions – initial or renewal premium or part of it not paid
197(1)Where a policy evidencing a contract or a certificate evidencing the renewal of a contract is delivered to the insured and the initial or renewal premium therefor or a part thereof has not been paid,
(a)
the contract or renewal thereof is as binding on the insurer as if such premium had been paid although delivered by an officer or an agent of the insurer who did not have authority to deliver it, and
(b)
the contract may be terminated for the non-payment of the premium by the insurer upon ten days notice of termination given in writing to the insured and mailed postage prepaid and registered to the latest address of the insured on the records of the insurer and the ten days shall begin on the day following the date of mailing such notice.
197(2)This section does not apply to a contract of group insurance or to a contract made by a fraternal society.