Policy Modification Sample Clauses
The Policy Modification clause defines the process and authority for making changes to the terms of a policy or agreement. Typically, this clause outlines who has the right to propose or approve modifications, the required notice period, and the method by which changes must be communicated—such as in writing or through formal amendment procedures. Its core function is to ensure that any alterations to the policy are made transparently and with mutual consent, thereby preventing misunderstandings and disputes over unauthorized or informal changes.
Policy Modification. The Insured and the Underwriters may request changes to this Policy. This Policy can be changed only by endorsement issued by the Underwriters and made a part of this Policy. Notice to any agent or the Underwriters’ Representative stated in the Policy Schedule, or knowledge possessed by any agent or the Underwriters’ Representative stated in the Policy Schedule, or by any other person shall not be held to effect a waiver or change in any part of this Policy.
Policy Modification. You understand that Client reserves the right to revise its use and health and safety protocols at any time.
Policy Modification. This Policy contains all of the agreements between you and the Company concerning this insurance. Either party may request changes to this Policy. This Policy can only be changed by endorsement(s) issued by us and made a part of this Policy. Certificates of Insurance issued by an agent are not endorsements to this Policy. Attached To and Forming Part of Policy 0100238015-1 Effective Date of Endorsement 05/01/2024 12:01AM at the Named Insured address shown on the Declarations Named Insured Silver Queen at Wildernest Condominium Association Additional Premium: $0 Return Premium: $0 This endorsement modifies insurance provided under the following: ALL COVERAGE FORMS Percentage of Premium retained (Minimum Earned Premium) It is understood and agreed that the following terms and conditions apply to this Policy: In the event of cancellation of this Policy by the first Named Insured, the Minimum Earned Premium, calculated by multiplying the percentage shown in the Schedule above by the PREMIUM as shown on the Declarations page of this Policy, will become earned. In the event of cancellation of this Policy by the first Named Insured, we shall be entitled to the greater of the Minimum Earned Premium amount, calculated by multiplying the percentage shown in the Schedule above by the PREMIUM as shown on the Declarations page of this Policy, or the premium amount determined under the COMMON CONDITIONS—PROPERTY. If we cancel this Policy for non-payment of premium, the Minimum Earned Premium, calculated by multiplying the percentage shown in the Schedule above by the PREMIUM as shown on the Declarations page of this Policy, will become earned. In the event of cancellation of this Policy by us for non-payment of premium, we shall be entitled to the greater of the Minimum Earned Premium amount as shown in the Schedule above, or the premium amount determined under the COMMON CONDITIONS—PROPERTY. If we cancel for any reason other than non-payment of premium, the earned premium amount determined under the COMMON CONDITIONS—PROPERTY will apply and will not be subject to this Minimum Earned Premium endorsement. PRP2002 1221 Page 1 of 1 Attached To and Forming Part of Policy 0100238015-1 Effective Date of Endorsement 05/01/2024 12:01AM at the Named Insured address shown on the Declarations Named Insured Silver Queen at Wildernest Condominium Association Additional Premium: $0 Return Premium: $0 This endorsement modifies insurance provided under the following: EXCESS PROPERTY CO...
Policy Modification. Upon notice to the Owner, the Company may modify this Policy if such modification (1) is necessary to make the Policy or the Variable Account comply with any law or regulation issued by a governmental agency to which the Company or the Variable Account is subject; (2) is necessary to assure continued qualification of the Policy under the Code or other federal or state laws as a life insurance policy; (3) is necessary to reflect a change in the operation of the Variable Account or of a Sub-Account; or (4) adds, deletes or otherwise changes the Variable Account or the available Sub-Accounts. The Company also reserves the right to modify certain provisions of this Policy as stated in those provisions. In the event of any such modification, the Company may make appropriate amendments to this Policy to reflect such modification. The Company may terminate a Sub-Account or Fund. In that event, the Owner by Request may change the Owner’s Premium allocation instructions. If no Request is made by the date of termination, future Premium payments will be allocated to the Money Market Sub-Account. Any modification will not affect the terms, provisions or conditions, which are, or may be, applicable to Premium payments previously made to any such Sub-Account. Incontestability: Except for nonpayment of Premiums, this Policy will not be contested on the basis of misrepresentation after it has been in force during the Insured’s lifetime for 2 years from the Issue Date. If this Policy is reinstated, it will not be contested after it has been in force during the Insured’s lifetime for 2 years following the date of reinstatement. If the Face Amount is increased, the amount of the increase will in like manner be incontestable after it has been in force during the Insured’s lifetime for 2 years from the effective date of the
Policy Modification. This policy contains all of the agreements between you and us concerning this insurance. You or we may request changes to this policy. This policy can only be changed by endorsements issued by us and made a part of this policy. Notice to any agent or knowledge possessed by any agent or by any other person will not:
a. Create a waiver, or change any part of this policy; or
b. Prevent us from asserting any rights under the provisions of this policy.
Policy Modification. Upon notice to the Owner, the Company may modify this Policy if such modification (1) is necessary to make the Policy or the Variable Account comply with any law or regulation issued by a governmental agency to which the Company or the Variable Account is subject; (2) is necessary to assure continued qualification of the Policy under the Code or other federal or state laws as a life insurance policy; (3) is necessary to reflect a change in the operation of the Variable Account or of a Sub-Account; or (4) adds, deletes or otherwise changes the Variable Account or the available Sub-Accounts. The Company also reserves the right to modify certain provisions of this Policy as stated in those provisions. In the event of any such modification, the Company may make appropriate amendments to this Policy to reflect such modification. Prior approval of the New York Department of Financial Services must be obtained before any modifications will be effective. V17-J355X-NY 8-20 The Company may terminate a Sub-Account or Fund. In that event, the Owner by Request may change the Owner's Premium allocation instructions. If no Request is made by the date of termination, future Premium payments that were allocated to the terminating Sub-Account or Fund will be allocated to the Money Market Sub-Account. Any modification will not affect the terms, provisions or conditions, which are, or may be, applicable to Premium payments previously made to any such Sub-Account.