Common use of MATERIAL CHANGE IN RISK Clause in Contracts

MATERIAL CHANGE IN RISK. (1) The Insured must promptly give notice in writing to the Insurer or its agent of a change that is (a) material to the risk, and (b) within the control and knowledge of the Insured. (2) If an Insurer or its agent is not promptly notified of a change under subparagraph (1) of this condition, the contract is void as to the part affected by the change. (3) If an Insurer or its agent is notified of a change under subparagraph (1) of this condition, the Insurer may (a) terminate the contract in accordance with Statutory Condition 5, or (b) notify the Insured in writing that, if the Insured desires the contract to continue in force, the Insured must, within fifteen days after receipt of the notice, pay to the Insurer an additional premium specified in the notice. (4) If the Insured fails to pay an additional premium when required to do so under subparagraph (3) (b) of this condition, the contract is terminated at that time and Statutory Condition 5 (2) (a) applies in respect of the unearned portion of the premium.

MATERIAL CHANGE IN RISK. (1) The Insured must promptly give notice in writing to the Insurer or its agent of a change that is (a) material to the risk, and (b) within the control and knowledge of the Insured. (2) If an Insurer or its agent is not promptly notified of a change under subparagraph (1) of this condition, the contract is void as to the part affected by the change. (3) If an Insurer or its agent is notified of a change under subparagraph (1) of this condition, the Insurer may (a) terminate the contract in accordance with Statutory Condition 5, or (b) notify the Insured in writing that, if the Insured desires the contract to continue in force, the Insured must, within fifteen days after receipt of the notice, pay to the Insurer an additional premium specified in the notice. (4) If the Insured fails to pay an additional premium when required to do so under subparagraph (3) (b) of this condition, the contract is terminated at that time and Statutory Condition 5 (2) (a) applies in respect of the unearned portion of the premium.)

MATERIAL CHANGE IN RISK. (1) The Insured must promptly give notice in writing to the Insurer or its agent of a change that is (a) material to the risk, and (b) within the control and knowledge of the Insured. (2) If an Insurer or its agent is not promptly notified of a change under subparagraph (1) of this condition, the contract is void as to the part affected by the change. (3) If an Insurer or its agent is notified of a change under subparagraph (1) of this condition, the Insurer may (a) terminate the contract in accordance with Statutory Condition 5, or (b) notify the Insured in writing that, if the Insured desires the contract to continue in force, the Insured must, within fifteen days after receipt of the notice, pay to the Insurer an additional premium specified in the notice. (4) If the Insured fails to pay an additional premium when required to do so under subparagraph (3) (b) of this condition, the contract is terminated at that time and Statutory Condition 5 (2) (a) applies in respect of the unearned portion of the premium.subparagraph

MATERIAL CHANGE IN RISK. (1) The Insured must promptly give notice in writing to the Insurer or its agent of a change that is (a) material to the risk, and (b) within the control and knowledge of the Insured. (2) If an Insurer or its agent is not promptly notified of a change under subparagraph (1) of this condition, the contract is void as to the part affected by the change. (3) If an Insurer or its agent is notified of a change under subparagraph (1) of this condition, the Insurer may (a) terminate the contract in accordance with Statutory Condition 5, or (b) notify the Insured in writing that, if the Insured desires the contract to continue in force, the Insured must, within fifteen days after receipt of the notice, pay to the Insurer an additional premium specified in the notice. (4) If the Insured fails to pay an additional premium when required to do so under subparagraph (3) (b) of this condition, the contract is terminated at that time and Statutory Condition 5 (2) ) (a) applies in respect of the unearned portion of the premium.