If the insured shall demand in writing or in person of the association the cancellation of policy, the association shall immediately advise the insured by letter to last known address, the amount, if any, due, as the insured's pro rata share of losses and in addition actual expenses incurred on said policy. Upon surrender of the policy and payment of all sums due, the insured's membership shall cease, provided that during the months of May, June, July, and August, hail insurance policies may be canceled only at the option of the officers of the association carrying the risk. On or before the first day of April in each calendar year a member of any mutual hail insurance association doing business in Iowa may cancel the member's membership and contract or policy of insurance on which at least one annual assessment has been paid and upon which at the time no assessment is past due in such association without being required to pay anything therefor; and it shall be considered that no liability for insurance risks or for expenses shall attach against such member in that particular year if the member shall cancel the member's contract and membership on or before April 1.
[S13, § 1759-m; C24, 27, 31, 35, 39, § 9055; C46, 50, 54, 58, 62, § 518.30; C66, 71, 73, 75, 77, 79, 81, § 518A.30]
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