Section 575 - Prohibited industrial policy provisionsNo policy of industrial life or industrial endowment insurance shall be delivered in this Commonwealth, if it contains any of the following provisions:
(a) A provision limiting the time within which any action at law or in equity may be commenced to less than two years after the cause of action shall accrue.(b) A provision by which the settlement on the maturity of any policy shall be of less value than the amount promised on the face of the policy plus dividend additions, if any, less any indebtedness to the company on or secured by the policy, and less any premium that may, by the terms of the policy, be deducted, payments to be made in accordance with the terms of the policy.(c) A provision to the effect that the agent soliciting the insurance is the agent of the person insured under said policy, or making the acts or representations of such agent binding upon the person so insured under said policy.(d) A provision by which the company may pay the proceeds of the policy at the death of the insured to any person other than the beneficiary designated in the policy, except that the policy may provide that, if the beneficiary does not within the period stated therein, which shall not be less than thirty (30) days after the death of the insured, submit proof of claim in the manner and form required by this policy, or if there is no beneficiary designated in the policy, other than the estate of the insured, or if the beneficiary is a minor or is not legally qualified to give a valid release, or dies before the insured, then, in any such case, the company may pay the proceeds of the policy to the executor or administrator of the insured, or to any relative by blood or connection by marriage of the insured appearing to the company to be equitably entitled to the same.(e) A provision by which the company may deny liability under the policy for the reason that the insured has previously obtained other insurance from the same company.1921, May 17, P.L. 682, art. IV, § 420D, added 1937, May 21, P.L. 769, § 1. Amended 1951, July 19, P.L. 1100, § 15.