(a) Upon application for an indeterminate premium reduction policy or group certificate, a separate form containing a summary that adequately describes the contractual premium provisions must be signed by the applicant and submitted to the insurer in conjunction with the application. A portion of the summary must include the following information:(1) the fact that the premium might be changed in the policy;(2) the frequency of the possible changes;(3) the fact that the nonguaranteed premium (if used in solicitation or advertising) is not guaranteed but the full maximum could be charged; and(4) for participating policies, a statement that dividends are only payable if declared by the insurer. If it is not likely that dividends will be paid, a statement to that effect must be included.(b) The summary required by these sections must be kept with a copy of the application after its receipt by the insurer and maintained in the insurer's files during the existence of the contract.