(1) There shall be a provision as follows:
(2) A policy in which the insurer reserves the right to refuse renewal shall have, at the beginning of the provision set forth in subsection (a) of this section:
“Grace Period: A grace period of (insert a number not less than seven (7) for weekly premium policies, ten (10) for monthly premium policies and thirty-one (31) for all other policies) days will be granted for the payment of each premium falling due after the first premium, during which grace period the policy shall continue in force.”
“Unless, not less than thirty (30) days prior to the premium due date, the insurer has delivered to the insured or has mailed to his last address as shown by the records of the insurer written notice of its intention not to renew this policy beyond the period for which the premium has been accepted.”