H. No. 1275 / 43 OG No. 7, 2733 (July, 1947)
"SEC. 47. Whenever a right to rescind a contract of insurance is given to the insurer by any provision of this chapter, such right must be exercised previous to the commencement of an action on the contract.SEC. 2. Subsection (b) of section one hundred eighty-four of the same Act is hereby amended to read as follows;
"After a policy of life insurance made payable on the death of the insured shall have been in force during the lifetime of the insured for a period of two years, the insurer cannot prove that the policy is void ab initio or is rescindable by reason of the fraudulent concealment or misrepresentations of the insured or his agent."
"(b) A provision that the policy shall be incontestable after it shall have been in force during the lifetime of the insured for a period of two years from its date of issue except for nonpayment of premiums and except for violation of the conditions of the policy relating to military or naval service in time of war."SEC. 3. This Act shall take effect upon its approval shall be applicable to all existing contract of life or endowment insurance.