J. MILLARD TAWES, Governor                     1175

be irrevocably designated. At the option of the insurer, the policy
may also provide that no designation or change of beneficiary shall
be binding on the insurer until endorsed on the policy by the
insurer, or otherwise accepted by the insurer. The policy may also
provide that if the beneficiary designated in the policy does not
make a claim under the policy or does not surrender the policy with
due proof of death within the period stated in the policy, which shall
not be less than thirty (30) days after the death of the insured, or
if the beneficiary is the estate of the insured, or is a minor, or dies
before the insured, or is not legally competent to give a valid release,
then the insurer may make any payment thereunder to the estate
of the insured, or to any relative of the insured by blood or legal
adoption or connection by marriage, or to any person appearing to
the insurer to be equitably entitled thereto by reason of having been
named beneficiary, or by reason of having incurred expense for the
maintenance, medical attention or burial of the insured. The policy
may also include a similar provision applicable to any other payment
due under the policy.

(b) In the case of an industrial life insurance policy, the policy
may also provide that the insurer may refuse to endorse the name
of any proposed beneficiary who does not appear to the insurer to
have an insurable interest in the life of the insured.

399.    Brief Description of Policy Required on First Page.

(a)   No life insurance policy except a group life insurance policy
shall be delivered or issued for delivery in this State unless such
policy shall have legibly inscribed on the first page a brief descrip-
tion thereof. Such brief description shall give the following infor-
mation: (1) The title or type or plan of policy together with the
word "industrial" or "wholesale" when applicable, (2) how long
premiums are to be paid, (3) if and when the premium (other than
for any supplementary agreement) changes, (4) if the benefit is
not level, so indicate by the use of "graded benefit" or words of
similar import, (5) whether the policy is participating or nonpar-
ticipating, (6) if the policy is written on a rated underwriting basis,
the words "special premium" or "rated class" or substantially sim-
ilar words and (7) if the policy provides for return of premiums
as an additional benefit, the period during which such benefit is
applicable.

(b)   Anything in this section to the contrary notwithstanding, if
in the opinion of the Commissioner, any of the items of information
in the brief description called for in subsection (a) of this section
are already contained on the first page of the contract and presented
conspicuously in tabular form thereon, or are presented conspicu-
ously elsewhere in the policy and referred to in the brief description
on the first page thereof, then, except for (1) and (5) in subsection
(a) of this section, it will not be necessary that such conspicuously
presented information be embodied in such brief description.

400.    Excluded or Restricted Coverage.

A clause in any policy of life insurance providing that such policy
shall be incontestable after a specified period shall preclude only a
contest of the validity of the policy, and shall not preclude the asser-
tion at any time of defenses based upon provisions in the policy