(a) Every policy issued by a stipulated premium plan insurer in this state shall specify the sum of money which it promises to pay upon each contingency insured against and the time of payment after satisfactory proof of the happening of the contingency.
(b) Unless the contract has been voided by fraud or breach of its conditions and warranties, the insurer shall be obligated to the insured for payment at the times specified of the amount due under the policy.
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