Common use of The commencement of risk assumption Clause in Contracts

The commencement of risk assumption. The risk assumption of the Insurer shall start at 0 a.m. on the day following the receipt of the offer and the premium by the Insurer or with the date specified in the offer on condition that the first premium payment against the Insurer’s account has been effected prior to the commencement of risk assumption, provided that the contract has been concluded or is to be concluded at a later date. Should the Contractor have paid the first premium directly to the repre- sentative of the Insurer, the premium shall be considered as settled and credited to the account of the Insurer or received by the cashier office of the Insurer not later than the fourth day following the payment. The risk assumption by the Insurer shall extend to a maximum of 90 days of stay outside the territory of Hungary.

The commencement of risk assumption. The risk assumption of the Insurer shall start at 0 a.m. on the day following fol- lowing the receipt of the offer and the premium by the Insurer or with the date specified in the offer on condition that the first premium payment pay- ment against the Insurer’s account has been effected prior to the commencement com- mencement of risk assumption, provided that the contract has been concluded or is to be concluded at a later date. Should the Contractor have paid the first premium directly to the repre- sentative of the Insurer, the premium shall be considered as settled and credited to the account of the Insurer or received by the cashier office of the Insurer not later than the fourth day following the payment. The risk assumption by the Insurer shall extend to a maximum of 90 days of stay outside the territory of Hungary.