1. Sections 379.1850 to 379.1869 shall apply to insurers and insurance producers engaged in any transaction involving lender-placed insurance, as defined in section 379.1851.
2. All lender-placed insurance written in connection with mortgaged real property, including manufactured homes and modular units, as defined in section 700.010, is subject to the provisions of sections 379.1850 to 379.1869, except:
(1) Transactions involving extensions of credit primarily for business, commercial, or agricultural purposes;
(2) Insurance offered by the lender or servicer and elected by the mortgagor at the mortgagor's option;
(3) Insurance purchased by a lender or servicer on real estate owned property;
(4) Insurance for which no specific charge is made to the mortgagor or the mortgagor's account.