HARRY W. NICE, GOVERNOR. 359

and the application therefor shall constitute the entire con-
tract between the parties; and in the latter case, copy of the
application must be attached to or endorsed on the policy, and
the policy must contain a provision that all statements made
by the insured shall, in the absence of fraud, be deemed to be
representations and not warranties.

(D) A provision that the policy shall be incontestable after
it has been in force during the lifetime of the insured for a
period of not more than two years from its date, except for
non-payment of premiums and, at the option of the Company,
except for suicide, death incurred in the commission of a
felony, violation of the conditions of the policy relating to
military or naval service in time of war, and as to provisions
relative to the benefits in the event of permanent and total dis-
ability and provisions which grant additional insurance
specifically against death by accident. Nothing contained in
this sub-section shall operate to prevent a Company from ad-
justing the amount of insurance and non-forfeiture benefits in
the event of misstatement of age of the insured, nor shall any-
thing contained in this sub-section apply to an application for
reinstatement of a lapsed policy, and a reinstated policy shall
be contestable on account of fraud or misrepresentation of
material facts pertaining to the reinstatement for the same
period after reinstatement as provided in the policy with re-
spect to the original issue.

(E) A provision that if the age of the insured has been mis-
stated, the amount payable under the policy shall be such as
the premium paid would have purchased at the correct age.

(P) A provision that in event of default in premium pay-
ments, after premium shall have been paid for five full years,
the insured shall be automatically entitled to a stipulated form
of insurance effective from the due date of the defaulted prem-
ium, the net value of which stipulated form of insurance shall
not be less than the reserve on the policy at the end of the last
completed quarter of the policy year for which premiums have
been paid, and on dividend additions thereto, if any, exclusive
of any reserve on total and permanent disability and addi-
tional accidental death benefits (the policy to specify the mor-
tality table, rate of interest and method of valuation adopted
for computing such reserve, if other than the level premium
reserve method), less a specified maximum percentage (not
more than two and one-half) of the maximum amount insured
by the policy and of existing dividend additions thereto, if
any, and less any existing indebtedness to the company on or
secured by the policy; provided a company may, in lieu of the
provision herein permitted for the deduction from the reserve
of a sum not more than two and one-half per centum of the
amount insured by the policy and of any dividend additions