Policy Alterations Sample Clauses
The POLICY ALTERATIONS clause defines the rules and procedures for making changes to the terms of an insurance policy after it has been issued. Typically, this clause outlines who has the authority to request or approve modifications, such as the policyholder or the insurer, and may specify the process for submitting alteration requests, including any required documentation or notice periods. For example, it might cover changes to coverage limits, beneficiary designations, or premium amounts. The core function of this clause is to provide a clear and structured method for updating policy terms, ensuring that both parties understand how and when changes can be made, thereby reducing disputes and maintaining the integrity of the contractual agreement.
Policy Alterations. 1. REINSTATEMENT ------------- Any policy originally reinsured in accordance with the terms and conditions of this Agreement by the Ceding Company may be automatically reinstated with the Reinsurer as long as the policy is reinstated in accordance with the terms and rules of the Ceding Company. Any policy originally reinsured with the Reinsurer on a facultative basis which has been in a lapsed status for more than ninety (90) days must be submitted with underwriting requirements and approved by the Reinsurer before it is reinstated. The Ceding Company will pay the Reinsurer its share of amounts collected or charged for the reinstatement of such policies.
Policy Alterations. The Company reserves the right to vary the terms conditions and exceptions of the Policy by giving the Policyholder 30 days’ written notice of any such variation subject to the proposed amended terms being agreed by the Policyholder. The changes as agreed between the Company and the Policyholder are binding on all the Insureds without notice.
1. Even if anything in the Policy says otherwise but subject to clause 2 below, it is hereby declared and agreed that if the period of insurance is 60 days or more, any premium due must be paid and actually received in full by the Company within 60 days of the:-
(a) inception date of the coverage under the Policy, renewal schedule; or
(b) effective date of each Endorsement, if any, issued under the Policy, renewal schedule
2. In the event that any premium due is not paid and actually received in full by the Company within the 60-day period referred to above, then:-
(a) the cover under the Policy, renewal certificate or endorsement is automatically terminated immediately after the expiry of the said 60-day period;
(b) the automatic termination of the cover shall be without prejudice to any liability incurred within the said 60- day period; and
(c) the Company shall be entitled to a pro-rata time on risk premium subject to a minimum of MYR25.00.
Policy Alterations