THE POLICY
SEC. 49. The written instrument in which a contract of insurance is set forth, is called a policy of insurance.
Policy is the contract of insurance which contains provisions which have been standardized by practice or tradition or consent among insurers as well as provisions required by law to be contained therein.
SEC. 50.The policy shall be in printed form which may contain blank spaces; and any word, phrase, clause, mark, sign, symbol, signature, number, or word necessary to complete the contract of insurance shall be written on the blank spaces provided therein.
SEC. 51.A policy of insurance must specify:
The parties between whom the contract is made;
The amount to be insured except in the cases of open or running policies;
The premium, or if the insurance is of a character where the exact premium is only determinable upon the termination of the contract, a statement of the basis and rates upon which the final premium is to be determined;
The property or life insured;
The interest of the insured in property insured, if he is not the absolute owner thereof;
The risks insured against
The period during which the insurance is to continue.