515.126 Cancellation of policy — notice to insured or mortgagee. 1. Unless otherwise provided in section 515.127, 515.128, 515.129, 515.129A, 515.129B, or 515.129C, at any time after the maturity of a premium, assessment, or installment provided forin the policy, or a note or contract for the payment thereof, or after the suspension, forfeiture,or cancellation of a policy or contract of insurance, the insured may pay to the company thecustomary short rates and costs of action, if one has been commenced or judgment renderedthereon, and may, if the insured so elects, have the policy and all contracts or obligationsconnected with the policy, whether in judgment or otherwise, canceled, and all such policyand contracts shall be void; and in case of suspension, forfeiture, or cancellation of a policy orcontract of insurance, the insured is not liable for a greater amount than the short rates earnedat the date of the suspension, forfeiture, or cancellation and the costs of action provided forin this section. 2. If the policy is canceled by the insurance company, the insurer may retain only the pro rata premium, and if the initial cash premium, or any part of the premium, has not vided forin this section. 2. If the policy is canceled by the insurance company, the insurer may retain only the pro rata premium, and if the initial cash premium, or any part of the premium, has not beenpaid, the policy may be canceled by the insurance company by giving notice to the insured asprovided in section 515.125 and ten days’ notice to the mortgagee, or other person to whomthe policy is made payable, if any, without tendering any part of the premium, anything tothe contrary in the policy notwithstanding. [C97, §1728; S13, §1728; C24, 27, 31, 35, 39, §8960; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.81] 87 Acts, ch 132, §4; 88 Acts, ch 1112, §405; 90 Acts, ch 1234, §39; 2007 Acts, ch 152, §10, 59CS2007, §515.1262011 Acts, ch 70, §30Referred to in §515.115, 515F.39See §515D.5, 515D.7 Sat Dec 23 00:47:38 2023 Iowa Code 2024, Section 515.126 (21, 0)
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