Common use of Receipt of Payment Clause in Contracts

Receipt of Payment. Except only in those specific cases where corresponding rules and regulations which now are or may hereafter be in force provide for the payment of the stipulated premiums in periodic installments at fixed percentages, it is hereby agreed, declared and warranted that this Policy shall be deemed effective, valid, and binding upon the Company only when the premiums therefor have actually been paid in full and duly acknowledged in a receipt signed by the Company.