Sec. 2. A drought insurance policy becomes effective and is not subject to cancellation:
(1) at the time stated in the application for the insurance; or
(2) fourteen (14) days after the applicant submits the premium payment;
whichever occurs first, unless the application is refused in writing and the premium payment is returned within fourteen (14) days after the premium payment is submitted.
As added by P.L.250-1989, SEC.1.