Common use of Retroactive Cancellations Clause in Contracts

Retroactive Cancellations. Rescind/Rescission means a cancellation or discontinuance of coverage that has a retroactive effect. A cancellation is not a rescission if it: • only has a prospective effect (as described above); or • applies retroactively to the extent that such cancellation is due to the failure to timely pay premiums.

Retroactive Cancellations. Rescind/Rescission means a cancellation or discontinuance of coverage that has a retroactive effect. A cancellation is not a rescission if it: •  only has a prospective effect (as described above); or •  applies retroactively to the extent that such cancellation is due to the failure to timely pay premiums.

Retroactive Cancellations. Rescind/Rescission means a cancellation or discontinuance of coverage that has a retroactive effect. A cancellation is not a rescission if it: • only has a prospective effect (as described abovein the sub-section above When We End This Agreement); or • applies retroactively to the extent that such cancellation is due to the failure to timely pay premiums.