A drought insurance policy becomes effective and is not subject to cancellation:

1. (1) at the time stated in the application for the insurance; or

2. (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.