(a) the board has received a notice of temporary payment of compensation relating to such injured employee;

(b) the payment of temporary compensation and prescribed medicine and the injured employee's acceptance of such temporary compensation and prescribed medicine shall not be an admission of liability by the employer, nor prejudice the claim of the injured employee;

(c) the payment of temporary compensation and prescribed medicine shall terminate on the elapse of: one year, or the employer's contesting of the injured employee's claim for compensation and prescribed medicine, or the board determination of the injured employee's claim, whichever is first; and

(d) the injured employee may be required to enter into an agreement with the employer to ensure the continuation of payments of temporary compensation and prescribed medicine. 3. An employer may cease making temporary payments of compensation and prescribed medicine if such employer delivers within five days after the last payment, to the injured employee and the board, a notice of termination of temporary payments of compensation on a form prescribed by the board. Such notice shall inform the injured employee that the employer is ceasing temporary payment of compensation and prescribed medicine. Upon the cessation of temporary payments of compensation and prescribed medicine, all parties to any action pursuant to this chapter shall retain all rights, defenses and obligations they would otherwise have pursuant to this chapter without regard for the temporary payment of compensation and prescribed medicine. 4. The failure of an employer to provide the notice of termination, pursuant to subdivision three of this section, within one year of the commencement of temporary payment of compensation shall be deemed to be an admission of liability by the employer and the notice of temporary payment of compensation shall be converted to a notice of compensation payable.