Common use of PAYMENT OF PREMIUM AND FEES Clause in Contracts

PAYMENT OF PREMIUM AND FEES. If your initial premium payment is by check, draft, electronic funds transfer, or similar form of remittance, coverage under this policy is conditioned on payment to us by the financial institution. If the financial institution upon presentment does not honor the check, draft, electronic funds transfer, or similar form of remittance, this policy may, at our option, be deemed void from its inception. This means we will not be liable under this policy for any claims or damages that would otherwise be covered if the check, draft, electronic funds transfer, or similar form of remittance had been honored by the financial institution. Any action by us to present the remittance for payment more than once shall not affect our right to void this policy. In addition to premium, fees may be charged on your policy. We may charge fees for installment payments, late payments, and other transactions. Payments made on your policy will be applied first to fees, then to premium due.

PAYMENT OF PREMIUM AND FEES. If your initial premium payment is by check, draft, electronic funds transfer, or similar form of remittance, coverage under this policy is conditioned on payment to us by the financial institutioninstitution . If the financial institution upon presentment does not honor the check, draft, electronic funds transfer, or similar form of remittance, this policy may, at our option, be deemed void from its inceptioninception . This means we will not be liable under this policy for any claims or damages that would otherwise be covered if the check, draft, electronic funds transfer, or similar form of remittance had been honored by the financial institutioninstitution . Any action by us to present the remittance re- mittance for payment more than once shall not affect our right to void this policypolicy . In addition to premium, fees may be charged on your policypolicy . We may charge fees for installment payments, late payments, and other transactionstransactions . Payments made on your policy will be applied first to fees, then to premium duedue .