Policy Year. A period of twelve (12) months commencing on the premium due date and each following period of equal duration. In the event of the period from the inception date of the insurance until the premium due date or from the premium due date until the date of termination being less than twelve (12) months, such a period shall also be deemed to be a policy year. In the event of the period of insurance being less than twelve (12) months, the policy year shall coincide with the period of insurance.
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Sources: Liability Insurance Policy, Liability Insurance Policy
Policy Year. A period of twelve (12) months commencing on the premium due date and each following period of equal duration. In the event of the period from the inception date of the insurance until the premium due date or from the premium due date until the date of termination being less than twelve (12) months, such a period shall is also be deemed to be a policy year. In the event of the period of insurance being less than twelve (12) months, the policy year shall coincide coincides with the period of insurance.
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