2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 515 - INSURANCE OTHER THAN LIFE
515.126 - CANCELLATION OF POLICY -- NOTICE TO INSURED OR MORTGAGEE.

        515.126  CANCELLATION OF POLICY -- NOTICE TO INSURED
      OR MORTGAGEE.
         Unless otherwise provided in section 515.127 or 515.128, at any
      time after the maturity of a premium, assessment, or installment
      provided for in 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
      the customary short rates and costs of action, if one has been
      commenced or judgment rendered thereon, and may, if the insured so
      elects, have the policy and all contracts or obligations connected
      with the policy, whether in judgment or otherwise, canceled, and all
      such policy and contracts shall be void; and in case of suspension,
      forfeiture, or cancellation of a policy or contract of insurance, the
      insured is not liable for a greater amount than the short rates
      earned at the date of the suspension, forfeiture, or cancellation and
      the costs of action provided for in this section.  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 been paid, the policy may be canceled by the
      insurance company by giving notice to the insured as provided in
      section 515.125 and ten days' notice to the mortgagee, or other
      person to whom the policy is made payable, if any, without tendering
      any part of the premium, anything to the contrary in the policy
      notwithstanding.  

         Section History: Early Form

         [C97, § 1728; S13, § 1728; C24, 27, 31, 35, 39, § 8960; C46,
      50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 515.81] 

         Section History: Recent Form

         87 Acts, ch 132, § 4; 88 Acts, ch 1112, § 405; 90 Acts, ch 1234, §
      39; 2007 Acts, ch 152, § 10, 59
         CS2007, § 515.126
         Referred to in § 515D.5, 515D.7
         See § 515D.5, 515D.7