(1) This section, §§ 23-81-101, 23-81-103 — 23-81-117, 23-81-120 — 23-81-136, and the Standard Nonforfeiture Law for Life Insurance, § 23-81-201 et seq., apply to contracts of life insurance and annuities, other than reinsurance, group life insurance, group annuities, and industrial life insurance.
(2) However, the following statutes shall also apply to industrial life insurance: Section 23-81-114, excluded or restricted coverage;
(3) Section 23-81-115, limitation of liability;
(4) Section 23-81-129, incontestability after reinstatement;
(5) Section 23-81-120, prohibited policy plans; and
(6) The Standard Nonforfeiture Law for Life Insurance, § 23-81-201 et seq.