Common use of CHANGE OF OCCUPATION Clause in Contracts

CHANGE OF OCCUPATION. If the Insured suffers an injury and illness while under a remunerated occupation which is considered more hazardous than which had been previously declared to the Company, the Company shall pay the compensation equal to the coverage amount of which the previously paid premium can buy the new occupation. If the occupation is a declined risk, the Company will terminate the Policy and refund the premium to the Insured on a pro-rata basis as from the date of receiving such evidence of change. However, if there was a previous claim done within the Policy Year, no refund of premium will be provided. If the Insured changes to an occupation which the Company considers as less hazardous, the Company will reduce the premium and refund it to the Insured on a prorata basis as from the date of receiving such evidence of change.