1. (1) Every policy shall specify:

   1. (a) The names of the parties to the contract.
   2. (b) The subject of the insurance.
   3. (c) The hazards or perils insured against.
   4. (d) The time when the insurance thereunder takes effect and the period during which the insurance is to continue.
   5. (e) The premium.
   6. (f) The conditions and provisions pertaining to the insurance.
2. (2) If under the policy the exact amount of premium is determinable only at stated intervals or termination of the contract, a statement of the basis and rates upon which the premium is to be determined and paid shall be included.
3. (3) This section does not apply to surety insurance policies, or to group life or health insurance policies.

[Formerly 743.054]