Common use of PREMIUM ADJUSTMENT Clause in Contracts

PREMIUM ADJUSTMENT. The Advance Premium stated in Item 5 of the application is computed on the estimated total “cost of hire” for the Policy Period. The words “cost of hire” as used herein mean the entire amount incurred for “Hired Automobiles” and drivers when such automobiles are hired with drivers or the amount incurred for hired automobiles and the wages paid to drivers when such drivers are employees of the Insured. The Advance Premium stated in Item 6 of the application is computed on the estimated total “contract cost” for the Policy Period. The words “contract cost” as used herein mean the entire amount paid by the Insured for “Automobiles Operated under Contract” to the owners thereof. The Advance Premiums are subject to adjustment at the end of the Policy Period when the Insured shall deliver to the Insurer a written statement of the total amounts expended for cost of hire during the Policy Period. If such amounts exceed the estimates stated in the application, the Insured shall immediately pay additional premium at the rates stated therein; if less, the Insurer shall return to the Insured the unearned premium when determined but the Insurer shall, in any event, receive or retain not less than the Minimum Retained Premium stated therein. The Insurer shall have the right and opportunity, whenever the Insurer so desires, to examine the books and records of the Insured to the extent they relate to the premium bases or the subject matter of this policy. The following statutory conditions are applicable in all Provinces of Canada (other than Quebec), except that Statutory Condition 2 is amended in certain Provinces as stated on the reverse side of this page. In these Statutory Conditions, unless the context otherwise requires, the word “insured” means a person insured by this contract whether named or not with respect to Section B of S.P.F. No. 1 and S.P.F. No. 4 only Statutory Conditions 1, 8 and 9 shall apply.

PREMIUM ADJUSTMENT. The Advance Advanced Premium stated in Item item 5 of the application is computed on the estimated total “cost of hire” for the Policy Period. The words “cost of hire” as used herein mean the entire amount incurred for “Hired Automobiles” and drivers when such automobiles are hired with drivers drive rs or the amount incurred for hired automobiles and the wages paid to drivers when such drivers are employees of the Insured. The Advance Premium stated in Item 6 of the application is computed on the estimated total “"contract cost” " for the Policy Period. The words “"contract cost” " as used herein mean the entire amount paid by the Insured for “"Automobiles Operated under Contract” " to the owners thereof. The Advance Premiums are subject to adjustment at the end of the Policy Period when the Insured shall deliver to the Insurer a written statement of the total amounts expended for cost of hire during the Policy Period. If such amounts exceed the estimates stated in the application, the Insured shall immediately pay additional premium at the rates stated therein; if less, the Insurer shall return to the Insured the unearned premium when determined but the Insurer shall, in any event, receive or retain not less than the Minimum Retained Premium stated therein. The Insurer shall have the right and opportunity, whenever the Insurer so desires, to examine the books and records of the Insured to the extent they relate to the premium bases or the subject matter of this policy. The following statutory conditions Statutory Conditions are applicable in to all Provinces of Canada (other than Quebec), except that Statutory Condition Condi tion 2 is amended in certain Provinces as stated on the reverse side page 4 of this pageform. (YUKON TERRITORY, NORTHWEST TERRITORIES, ALBERTA, ONTARIO, NEW BRUNSWICK, NOVA SCOTIA, ▇▇▇▇▇▇ ▇▇▇▇▇▇ ISLAND AND NEWFOUNDLAND) In these Statutory Conditions, unless the context otherwise requires, the word “insured” "Insured" means a person insured by this contract whether named or not with respect to Section B not. NOTE: All of S.P.F. Nothe Statutory Conditions contain the above wording. 1 However - in all of the Provinces and S.P.F. No. 4 Territories using these standard, approved forms, only Statutory Conditions 1, 8 and 9 shall applyare made applicable to accident benefits insurance and uninsured motorist insurance where it is provided by the contract. - in the Northwest Territories the definition of "insured person" must be read as containing in addition the words "and includes any person to whom benefits may be payable under the accident benefits set out in the Schedule to the Insurance Ordinance."

PREMIUM ADJUSTMENT. The Advance Advanced Premium stated in Item item 5 of the application is computed on the estimated total “cost of hire” for the Policy Period. The words “cost of hire” as used herein mean the entire amount incurred for “Hired Automobiles” and drivers when such automobiles are hired with drivers or the amount incurred for hired automobiles and the wages paid to drivers when such drivers are employees of the Insured. The Advance Premium stated in Item 6 of the application is computed on the estimated total “"contract cost” " for the Policy Period. The words “"contract cost” " as used herein mean the entire amount paid by the Insured for “"Automobiles Operated under Contract” " to the owners thereof. The Advance Premiums are subject to adjustment at the end of the Policy Period when the Insured shall deliver to the Insurer a written statement of the total amounts expended for cost of hire during the Policy Period. If such amounts exceed the estimates stated in the application, the Insured shall immediately pay additional premium at the rates stated therein; if less, the Insurer shall return to the Insured the unearned premium when determined but the Insurer shall, in any event, receive or retain not less than the Minimum Retained Premium stated therein. The Insurer shall have the right and opportunity, whenever the Insurer so desires, to examine the books and records of the Insured to the extent they relate to the premium bases or the subject matter of this policy. The following statutory conditions Statutory Conditions are applicable in to all Provinces of Canada (other than Quebec), except that Statutory Condition 2 is amended in certain Provinces as stated on the reverse side page 4 of this pageform. (YUKON TERRITORY, NORTHWEST TERRITORIES, ALBERTA, ONTARIO, NEW BRUNSWICK, NOVA SCOTIA, ▇▇▇▇▇▇ ▇▇▇▇▇▇ ISLAND AND NEWFOUNDLAND) In these Statutory Conditions, unless the context otherwise requires, the word “insured” "Insured" means a person insured by this contract whether named or not with respect to Section B not. NOTE: All of S.P.F. Nothe Statutory Conditions contain the above wording. 1 However - in all of the Provinces and S.P.F. No. 4 Territories using these standard, approved forms, only Statutory Conditions 1, 8 and 9 shall applyare made applicable to accident benefits insurance and uninsured motorist insurance where it is provided by the contract. - in the Northwest Territories the definition of "insured person" must be read as containing in addition the words "and includes any person to whom benefits may be payable under the accident benefits set out in the Schedule to the Insurance Ordinance."

PREMIUM ADJUSTMENT. The Advance Premium stated in Item item 5 of the application is computed on the estimated total “"cost of hire” " for the Policy Period. The words “"cost of hire” " as used herein mean the entire amount incurred for “"Hired Automobiles” " and drivers when such automobiles are hired with drivers or the amount incurred for hired automobiles and the wages paid to drivers when such drivers are employees of the Insured. The Advance Premium stated in Item item 6 of the application is computed on the estimated total “"contract cost” " for the Policy Periodperiod. The words “"contract cost” " as used herein mean the entire amount paid by the Insured for “"Automobiles Operated under Contract” " to the owners thereof. The Advance Premiums are subject to adjustment at the end of the Policy Period when the Insured shall deliver to the Insurer a written statement of the total amounts expended for cost of hire during the Policy Period. If such amounts exceed the estimates stated in the application, the Insured shall immediately pay additional premium at the rates stated therein; if less, the Insurer shall return to the Insured the unearned premium when determined but the Insurer shall, in any event, receive or retain not less than the Minimum Retained Premium stated therein. The Insurer shall have the right and opportunity, whenever the Insurer so desires, to examine the books and records of the Insured to the extent they relate to the premium bases or the subject matter of this policyPolicy. The following statutory conditions are applicable in all Provinces of Canada (other than Quebec)YUKON TERRITORY, except that Statutory Condition 2 is amended in certain Provinces as stated on the reverse side of this page. NORTHWEST TERRITORIES, ALBERTA, ONTARIO, NEW BRUNSWICK, NOVA SCOTIA, ▇▇▇▇▇▇ ▇▇▇▇▇▇ ISLAND AND NEWFOUNDLAND) In these Statutory Conditionsstatutory conditions, unless the context otherwise requires, the word “insured” means a person insured by this contract whether named or not with respect to Section B of S.P.F. No. 1 and S.P.F. No. 4 only Statutory Conditions 1, 8 and 9 shall applynot.

PREMIUM ADJUSTMENT. The Advance Advanced Premium stated in Item item 5 of the application is computed on the estimated total “cost of hire” for the Policy Polic y Period. The words “cost of hire” as used herein mean the entire amount incurred for “Hired Automobiles” and drivers when such automobiles are hired with drivers drive rs or the amount incurred for hired automobiles and the wages paid to drivers when such drivers are employees of the Insured. The Advance Premium stated in Item 6 of the application is computed on the estimated total “"contract cost” " for the Policy Period. The words “"contract cost” " as used herein mean the entire amount paid by the Insured for “"Automobiles Operated under Contract” " to the owners thereof. The Advance Premiums are subject to adjustment at the end of the Policy Period when the Insured shall deliver to the Insurer a written statement of the total amounts expended for cost of hire during the Policy Period. If such amounts exceed the estimates stated in the application, the Insured shall immediately pay additional premium at the rates stated therein; if less, the Insurer shall return to the Insured the unearned premium when determined but the Insurer shall, in any event, receive or retain not less than the Minimum Retained Premium stated therein. The Insurer shall have the right and opportunity, whenever the Insurer so desires, to examine the books and records of the Insured to the extent they relate to the premium bases or the subject matter of this policy. The following statutory conditions Statutory Conditions are applicable in to all Provinces of Canada (other than Quebec), except that Statutory Condition 2 is amended in certain Provinces as stated on the reverse side page 4 of this pageform. (YUKON TERRITORY, NORTHWEST TERRITORIES, ALBERTA, ONTARIO, NEW BRUNSWICK, NOVA SCOTIA, ▇▇▇▇▇▇ ▇▇▇▇▇▇ ISLAND AND NEWFOUNDLAND) In these Statutory Conditions, unless the context otherwise requires, the word “insured” "Insured" means a person insured by this contract whether named or not with respect to Section B not. NOTE: All of S.P.F. Nothe Statutory Conditions contain the above wording. 1 However - in all of the Provinces and S.P.F. No. 4 Territories using these standard, approved forms, only Statutory Conditions 1, 8 and 9 shall applyare made applicable to accident benefits insurance and uninsured motorist insurance where it is provided by the contract. - in the Northwest Territories the definition of "insured person" must be read as containing in addition the words "and includes any person to whom benefits may be payable under the accident benefits set out in the Schedule to the Insurance Ordinance."