Common use of Insurable Condition Clause in Contracts

Insurable Condition. You shall notify the Company promptly should you become aware of any inaccuracies in an applicant’s responses to any question or request for information contained on an application or elsewhere, including any changes to the applicant’s responses on an application before an insurance product is delivered. For any insurance product delivered to you by the Company, you shall arrange for it to be delivered to the policy owner(s), and the premium paid in accordance with any delivery instructions issued by the Company at that time. You shall not permit the delivery of any insurance product unless, to the best of your knowledge, the owner and insured are in insurable condition, and the first premium has been fully paid. You shall return to the Company, upon request or on the day following the expiration of 60 days after issue, any contract which was not so delivered.