§33-13-36. Same -- Dividends.
If an industrial life insurance policy is a participating
policy, there shall be a provision that the insurer shall
annually ascertain and apportion any divisible surplus accruing
on the policy, except that at the option of the insurer such
participation may be deferred to the end of the fifth policy
year. This provision shall not prohibit the payment of
additional dividends on default of payment of premiums or
termination of the policy.