(a) All policies that have nonforfeiture benefits must provide that if, in the event of default in premium payments, the value of the policy must be applied for the purchase of other insurance, and if such insurance is in force and the original policy has not been surrendered to the company and cancelled, the policy may be reinstated within three years, or longer at the option of the company, from such default upon evidence of insurability satisfactory to the company and payment of arrears of premiums with interest. Evidence of insurability need not be restricted to evidence of good health only.(b) If more than one life is insured, evidence of insurability may be required on each individual as a condition precedent to reinstatement of the policy, but the policy may provide for reinstatement of only those lives which are insurable.(c) This section is not applicable to single premium policies.