What Is an Insurance Policy Period?

Terakhir Diubah : 16:15:25 - Kamis, 09 Februari 2023

Berita - What Is an Insurance Policy Period? - Sahabat Insurance | Solusi Lengkap Perlindungan Asuransi Anda

An insurance policy period is the time frame during which an insurance policy is effective. Based on chapter IV, article 7 in INDONESIAN MOTOR VEHICLE INSURANCE STANDARD POLICY, it is a condition precedent to liability under this policy, that any premium payable shall have been paid off and actually received in full by the Insurer, in the event of:

insurance period of 30 (thirty) days or more, then settlement of premium payment shall be conducted within a period of 14 (fourteen) calendar days as of the date of inception of this Policy;

such insurance period is less than 30 (thirty) days, settlement of premium payment shall be conducted at the time of issuance of Policy.

In case the Insured fails to fulfill the liabilities as referred to in paragraph  above, this Policy shall be automatically terminated without issuing cancellation endorsement starting from the expiry of the grace period and the Insurer shall be discharged from any liability there from.

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