(a) The rider must contain a statement requiring submission of an application signed by both the owner and the substitute insured.(b) The rider may require evidence of insurability of the substitute insured.(c) The following must be clearly specified:(1) policy date;(2) face amount;(3) premium structure, including a description of the determination of premiums for a substitute insured; and(4) the plan of insurance.(d) The disposition of the following items must be clearly described:(1) indebtedness under the old policy;(2) inclusion or exclusion of any supplementary benefits upon exchange;(3) dividends, if a participating policy; and(4) adjustments of reserves and cash values.