(1) Creditor-placed insurance shall become effective on the latest of the following dates: The date of the credit transaction;
(2) The date prior coverage, including prior creditor-placed insurance coverage lapsed;
(3) One (1) year before the date on which the related insurance charge is made to the debtor’s account; or
(4) A later date provided for in the agreement between the creditor and insurer.
(5) Creditor-placed insurance shall terminate on the earliest of the following dates: The date other acceptable insurance becomes effective, subject to the debtor providing acceptable evidence of the other insurance to the creditor;
(6) The date the collateralized personal property is repossessed, unless the property is returned to the debtor within ten (10) days of the repossession. The creditor-placed insurance may be kept in force, but the lender must pay the premium that is earned after repossession;
(7) The date the collateralized personal property is determined by the insurer to be a total loss;
(8) The date the debt is completely extinguished; or
(9) An earlier date specified in the individual policy or certificate of insurance.
(10) An insurance charge shall not be made to a debtor for a term longer than the scheduled term of the creditor-placed insurance when it becomes effective, nor may an insurance charge be made to the debtor for creditor-placed insurance before the effective date of the insurance.
(11) If a charge is made to a debtor for creditor-placed insurance coverage that exceeds a term of one (1) year, the debtor shall be notified at least annually that the insurance will be canceled and a refund or credit of unearned charges made if evidence of acceptable insurance secured by the debtor is provided.