Common use of CANCELLATION OF THE POLICY Clause in Contracts

CANCELLATION OF THE POLICY. A The insured is entitled to cancel this policy by notification in writing to the insurer: the cancellation will become effective from the date stated by the insured in his notification however not prior to the date on which the notification is received by the insurer. B Without derogating from the rights of the insurer in accordance with the law or in accordance with any other directive in the policy, the insurer is entitled to cancel this policy prior to the expiry of the period of insurance, provided that written notification is submitted to the insurer at least 21 days from the date on which the insurance is to be cancelled. Cancellation of the insurance as aforementioned will not prejudice the rights to make a claim in accordance with the policy in respect of a claim which has been lodged against the insured prior to the cancellation of the insurance as aforementioned. C In the event of the cancellation of the insurance by the insured, the premium for the period in which the policy was in force will be calculated according to the insurer's short period premium scale. D If the insurer cancels the contract prior to the expiry of the agreed period of insurance and the cause for the cancellation was not a breach of the policy conditions by the insured or an attempt on his part to defraud the insurer, the insurer will pay the insured the amount that it would have requested from a similar insured for the same type of insurance on the cancellation date, pro-rata for the unexpired period up until the expiry of the agreed period of insurance.