Common use of The termination of risk assumption Clause in Contracts

The termination of risk assumption. The risk assumption of the Insurer shall end – and at the same time the Insurance Contract shall terminate: – if the insurance premium due has not been paid within 30 days of the due date and the Contractor has not been granted a period of grace or if Insurer has made no legal claim of the premium recovery – on the day of insurance anniversary – on termination of the contract – upon the death of the Principal-Insured – on the day the Principal-Insured turns 70 years of age. The Insurance shall terminate with respect to the Co-Insured on the day of insurance anniversary if he/she – has turned 70 years of age – diseased.

The termination of risk assumption. The risk assumption of the Insurer shall end – and at the same time the Insurance Contract shall terminate: – if the insurance premium due has not been paid within 30 days of the due date and the Contractor has not been granted a period of grace or if Insurer has made no legal claim of the premium recovery – on the day of insurance anniversary – on termination of the contract – upon the death of the Principal-Insured – on the day the Principal-Insured turns 70 80 years of age. The Insurance shall terminate with respect to the Co-Insured on the day of insurance anniversary if he/she – has turned 70 80 years of age – diseased.