(a) The insured may cancel any compensation agreement until midnight of the third business day after the date on which the insured has signed the compensation agreement.

(b) Cancellation occurs when written notice of cancellation is given to the public adjuster as provided in subdivision (c) of this section.

(c) Notice of cancellation, if given by mail, shall be deemed given when such notice, properly addressed with postage prepaid, is deposited in a mailbox.

(d) Written notice of cancellation need not take the form prescribed and shall be sufficient if it indicates the intention of the insured not to be bound.