(1) the insured has paid the down payment, if any, required by the premium finance company on the additional premium; and

(2) the premium finance company delivers or mails a written notice to the insured at the last known address of the insured indicating that:

(i) there is a revised premium finance agreement; and

(ii) in the event of default in payment of the revised premium finance agreement, the policy may be canceled.

(b) An insurer may not delay cancellation for the sole purpose of applying premiums on deposit to any additional premium.