§ 515.126 — Cancellation of policy — notice to insured or mortgagee

Iowa § 515.126

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 515: INSURANCE OTHER THAN LIFE

Text

1. Unless otherwise provided in section 515.127, 515.128, 515.129, 515.129A, 515.129B, or
515.129C,atanytimeafterthematurityofapremium,assessment,orinstallmentprovidedfor
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
andcontractsshallbevoid; andincaseofsuspension, forfeiture, orcancellationofapolicyor
contractofinsurance,theinsuredisnotliableforagreateramountthantheshortratesearned
at the date of the suspension, forfeiture, or cancellation and the costs of action provided for
in 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 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.

Legislative History

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