The right of the insurer to terminate or refuse to renew a life, term, or endowment insurance policy issued on the franchise or wholesale plan is limited to:

1. (1) Nonpayment of premium.
2. (2) The insured has attained the age limit prescribed in the policy.
3. (3) The employee's employment in the eligible classes or the member's membership in the eligible association terminates.
4. (4) The insurer terminates or refuses to renew the insurance on all employees of a common employer or affiliated employers after sixty days' written notice.
5. (5) Participation in the plan falls below any percentage or minimum number specified by the policy.