Living policy holder’s entitlement for dividend or bonuses, etc

(1) Notwithstanding the designation of a beneficiary irrevocably, the policyholder is entitled, while living, to the dividends or bonuses declared on a contract, unless the contract otherwise provides. (2) Unless the policyholder otherwise directs, the insurance company may apply the dividends or bonuses declared on the contract for the purpose of keeping the contract in force.