Common use of AUTHORIZATION CLAUSE Clause in Contracts

AUTHORIZATION CLAUSE. By acceptance of this policy, the Principal Organization agrees to be the sole agent of and act on behalf of each Insured with respect to: the giving and receiving of notice of Claim or termination, the payment of premiums and the receiving of any return premiums that may become due under this policy, the negotiation, agreement to and acceptance of endorsements, and the giving or receiving of any notice provided for in this policy (except the giving of notice to apply for the Extended Reporting Period), the adjustment of loss amounts and the receipt of payment of loss. The Principal Organization agrees that it shall be responsible for the application of any such payment as provided in this policy. Each Insured agrees that the Principal Organization shall act on their behalf with respect to all such matters.