(1) GENERAL. Except as otherwise provided in chs. 600 to 646 and 655, general contract law applies to mistakes in insurance contracts.
(2) PERSON TO WHOM PROCEEDS PAYABLE IN PROPERTY INSURANCE. Mistake in designating the person to whom the insurance is payable in a policy of property insurance does not void the policy nor constitute a defense for the insurer unless the mistake was due to misrepresentation or concealment by the owner of the property or someone representing the owner in procuring the policy, or unless the company would not have issued or continued the policy if it had known the truth.