(1) Where any agent or servant of a company writes or fills in or has before the commencement of this Act written or filled in any particulars in a proposal for an industrial policy with the company, then, despite any agreement to the contrary between the proponent and the company, any policy issued in pursuance of the proposal shall not be avoided by reason only of any incorrect or untrue statement contained in any such particulars so written or filled in unless the incorrect or untrue statement was in fact made by the proponent to the agent or servant for the purposes of the proposal.
(2) The burden of proving that any such statement was so made shall lie upon the company.
(3) This section shall not be construed to allow the avoidance of any policy for any reason or in any circumstances for or in which the policy could not have been avoided apart from this section.