There must be a provision that unless:
1. The policy has been surrendered for its cash surrender value;
2. Its cash surrender value has been exhausted; or
3. The paid-up term insurance, if any, has expired,
Ê the policy will be reinstated at any time within 3 years after the date of premium default upon written application therefor, the production of evidence of insurability satisfactory to the insurer, the payment of all premiums in arrears and any interest due thereon and the payment or reinstatement of any other indebtedness to the insurer upon the policy including any interest due thereon.