A. The amount, if any, included for insurance, which may be purchased by the holder of the retail installment contract, shall not exceed the applicable premiums chargeable in accordance with the rates filed with the director of the department of insurance and financial institutions.

B. If dual interest insurance on the motor vehicle is purchased by the seller or seller’s assignee, as the case may be, it shall within thirty days after execution of the retail installment contract send or cause to be sent to the buyer a policy, or policies, or certificates of insurance written by an insurance company authorized to do business in this state, clearly setting forth the amount of the premium, the kind or kinds of insurance, the coverages and all the terms, options, limitations, restrictions and conditions of the contract or contracts of insurance. The buyer at the time of execution of the contract may purchase such insurance from an agent or broker of the buyer’s own selection and may select an insurance company acceptable to the holder, but in such case the inclusion of the insurance premium in the retail installment contract shall be optional with the seller.

C. If any insurance is canceled, or the premium adjusted, any refund of the insurance premium received by the holder shall be credited to the contract except to the extent applied toward payment for similar insurance protecting the interests of the buyer and the holder or either of them.