BOBBITT, Justice.
G.S. § 97-13(b) in pertinent part provides: "This article shall not apply * * * to any person, firm or private corporation that has regularly in service less than five employees in the same business within this State, except that any employer without regard to number of employees, * * * who has purchased workmen's compensation insurance to cover his compensation liability shall be conclusively presumed during life of the policy to have accepted...
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