(1) Unless otherwise agreed, the duty of the assured to pay the first premium and the duty of the insurer to issue the policy to the assured, are concurrent conditions, and the insurer is not bound to issue the policy until payment or tender of such premium.
(2) It is a condition precedent to the continuance of the liability, that every premium should be paid within the stipulated time; and if any such premium is not paid the policy will lapse.