No life insurer shall hereafter issue for delivery or deliver in this state any life insurance policy:
- (1) Issued under any plan for the segregation of policyholders into mathematical groups and providing benefits for a surviving policyholder of a group arising out of the death of another policyholder of such group, or under any other similar plan.
- (2) Providing benefits or values for surviving or continuing policyholders contingent upon the lapse or termination of the policies of other policyholders, whether by death or otherwise.
[1947 c 79 s .23.34; Rem. Supp. 1947 s 45.23.34.]