State of health of insured

Nothing in any term or condition of a life policy issued after the commencement of this Act or in the law relating to insurance shall operate to except an insurance company from liability under the policy or to reduce the liability of the company under the policy on the ground of any matter relating to the state of health of the person whose life is insured, other than the ground of the proposer’s having, when making the proposal or thereafter and before the making of the contract, either– (a) made an untrue statement as regards the matter; or (b) failed to disclose to the company something known or believed by him as regards that matter.