CANCELLATION AND REFUND OF PREMIUM POLICY
In the event of cancellation of your insurance policy, the Underwriters or Insurance company shall refund the paid premium less the earned portion thereof. The earned premium shall be calculated as stated in your insurance policy.
If the policy does not provide for calculation of the earned premium, the following shall apply:
- if this policy is cancelled by you, the insured, the Underwriters or Insurance company shall retain the short rate proportion of the premium hereon, or of any minimum premium stipulated herein, in accordance with the Short Rate Cancellation table (available upon request) and such payment shall be made as soon as practicable;
- if this policy is cancelled by the Underwriters, or Insurance company they shall retain the pro rata proportion of the premium hereon, or of any minimum premium stipulated herein.
Payment or tender of any unearned premium by the Underwriters or Insurance company shall not be a condition precedent to the effectiveness of cancellation, but such payment shall be made within thirty (30) days from the date of cancellation.
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