LONG TERM AGREEMENT #
A discount of …………………….. from the renewal premium on this policy is allowed in consideration of the insured having undertaken to offer to renew the insurance for a period of ……………… years from the date specified in the schedule and to pay the premium annually in advance, it being understood that the sum insured may be reduced to correspond to any reduction in value.
This insurance may at any time be cancelled at the option of the insurer on notice to that effect being given to the insured in which case the insurer shall be liable to repay on demand a rateable proportion of the premium for the unexpired period of the insurance year concerned.
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