(a) The contract shall state whether the insurance is to be procured by the buyer or the contractor.

(b) The amount, if any, included for such insurance, shall not be in excess of rates established in the then current published applicable manual of a recognized standard insurance rating bureau, or the rates fixed or approved by authority of the Commonwealth of Pennsylvania. If any such group credit life or other insurance is cancelled, the refund for unearned insurance premiums received or receivable by the holder of the contract, or the excess of the amount included in the contract for group credit life insurance over the premiums paid or payable by the holder of the contract therefor, together with, in either case, the unearned portion of the finance charge applicable thereto, shall be credited to the final maturing installments of the contract, provided that no such credit need be made if the amount thereof would be less than one dollar.

(c) If the insurance is to be procured by the contractor or holder, he shall, within thirty days after delivery of the goods and furnishing of the services under the contract, deliver, mail or cause to be mailed to the buyer, at his address, as specified in the contract, a notice thereof or a copy of the policy or policies of insurance or a certificate or certificates of the insurance so procured.