In addition to the provisions required by Subchapter B and Section 1151.152, an industrial life insurance policy may:
(1) exclude liability or promise a benefit that is less than the full amount payable as a death benefit if the insured:
(A) dies by the insured’s own hand, regardless of whether the insured is sane or insane; or
(B) dies as a result of engaging in a stated hazardous occupation;
(2) promise a benefit that is less than the full amount payable if the insured dies as a result of an aviation activity under a condition specified in the policy approved by the department as provided by Chapter 1701;
(3) limit the maximum amount payable on the death of a child younger than 15 years of age; and
(4) include any other provision not otherwise prohibited by this chapter.