Section 51
SEC. 51. A policy of insurance must specify: The parties between whom the contract is made; The amount to be insured except in the cases of open or running policies; The premium, or if the insurance is of a character where the exact premium is only determinable upon the termination of the contract, a statement of the basis and rates upon which the final premium is to be determined; The property or life insured; The interest of the insured in property insured, if he is not the absolute owner thereof; The risks insured against; and The period during which the insurance is to continue.