J. MILLARD TAWES, Governor                       1179

the event of default in premium payments, which in the opinion of
the Commissioner is equitable to the holder of the contract.

409.    Standard Provisions—Reversionary Annuities.

(a)   Except as stated herein, no contract for a reversionary annu-
ity otherwise called a survivorship annuity shall be delivered or
issued for delivery in this State unless it contains in substance each
of the following provisions:

(1)   Any such reversionary annuity contracts shall contain the
provisions specified in sections 403 through 407 except that under
section 403 the insurer may at its option provide for an equitable
reduction of the amount of the annuity payments in settlement of an
overdue payment in lieu of providing for deduction of such payments
from an amount payable upon settlement under the contract.

(2)   In such reversionary annuity contracts there shall be a provi-
sion that the contract may be reinstated at any time within three
(3) years from the date of default in making stipulated payments
to the insurer, upon production of evidence of insurability satisfac-
tory to the insurer, and upon condition that all overdue payments
and any indebtedness to the insurer on account of the contract be
paid, or, within the limits permitted by the then cash values of the
contract, reinstated, with interest as to both payments and indebted-
ness at a rate to be specified in the contract but not exceeding six
percent (6%) per annum compounded annually.

(b)   This section shall not apply to group annuities or to annuities
included in life insurance policies, and any of such provisions not
applicable to single premium annuities shall not to that extent be
incorporated therein.

410.    Limitation of Liability.

(a) No policy of life insurance shall be delivered or issued for
delivery in this State if it contains a provision which excludes or
restricts liability for death caused in a certain specified manner or
occurring while the insured has a specified status, except that such
a policy may contain provisions excluding or restricting coverage as
specified therein in the event of death under any one or more of the
following circumstances:

(1)   Death as a result, directly or indirectly, of war, declared or
undeclared, or of action by military forces, or of any act or hazard
of such war or action, or of service in the military, naval, or air
forces or in civilian forces auxiliary thereto, or from any cause
while a member of such military, naval, or air forces of any country
at war, declared or undeclared, or of any country engaged in such
military action;

(2)   Death as a result of aviation or air travel;

(3)   Death within two (2) years from the date of issue of the
policy as a result of a specified hazardous occupation or avocation;

(4)   Death within two (2) years from the date of issue of the
policy while the insured is resident outside continental United States
of America and Canada;

(5)   Death within two (2) years from the date of issue of the
policy as a result of suicide, while sane or insane.