(1) The liquidator shall ascertain, in such manner and on such basis as the court may approve, the value of the liability of the company to every person who, according to the books of the company, is entitled to or is interested in a policy issued by the company and shall in such manner as he or she thinks proper give notice to every such person of the value so ascertained.
(2) A person to whom notice is given under subsection (1), shall be bound by the value ascertained by the liquidator unless he or she disputes the valuation in such manner and within such time as is prescribed by rules of court or as the court in any particular case, by order directs.