(1) There must be a provision as follows:
"Grace Period: A grace period of.... (insert a number not less than 7 for weekly premium policies, 10 for monthly premium policies, and 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 must continue in force."
(2) A policy in which the insurer reserves the right to refuse renewal must include the following language at the beginning of the provision contained in subsection (1):
"If the insurer does not deliver to the insured or mail to the insured's last address as shown by the records of the insurer a written notice at least 30 days prior to the premium due date of its intention not to renew this policy beyond the period for which the premium has been accepted."