Deferred Premium Payment Warranty

DEFERRED PREMIUM PAYMENT WARRANTY #

It is hereby declared and agreed that it is a condition precedent to liability under this Policy that any premium due must be paid and actually received in full by the Insurer.  Warranted first installment to be paid at 60^th days and second and subsequent installments are due on 90^th and 120^th days from issuance date of this policy.

Breach of the above condition, the cover under this policy shall be deemed to have terminated from the expiry of the premium warranty period and the Insurer shall be discharged from all liability there from but without prejudice to any liability incurred before that date and the Insurer will be entitled to a prorata  time on risk premium.