Sec. 186.11. Unearned premiums; dividends

(a) The insurer, after due notice of satisfaction of lien, shall return any unearned premium on a debtor's policy to the debtor and, if a policy covering such personal property is issued by a mutual insurer, or a participating stock insurer, the debtor shall be entitled to the benefit of any dividend paid under an individual policy.

(b) Under any master policy, the insurer, after due notice of satisfaction of lien, shall return any unearned premium to the debtor. If such policy is issued by a mutual insurer or a participating stock insurer, the debtor shall be entitled to the benefit of his pro rata share of any dividend paid under the master policy. It shall be the duty of the insurer to take appropriate steps to assure that the debtor shall promptly receive such payments when the amount thereof is one dollar or more. When the amount of any debtor's share is less than one dollar, the amount representing the total of all such shares shall be retained by the insurer as an offset to the experience on such business for the purpose of adjusting premium charges.