No cancellation or termination of an insurance policy of any type for nonpayment of a premium shall be effective if:
I. Payment of the premium is actually received by the insurance company or by the insurance company's agent, before the date and time of the cancellation or termination of the policy as stated in the notice of cancellation or termination; or
II. Payment of the premium is sent to the insurance company, or the insurance company's agent, by certified mail before the date and time of cancellation or termination of the policy as stated in the notice of cancellation or termination.
Source. 1988, 115:1. 2012, 100:1, eff. July 28, 2012.