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Effect of Cancellation of Policy
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[QUOTE="Mataracy, post: 141663, member: 28733"] When the insurer has not performed its obligation under an insurance contract (no indemnity whether full or partial) return of premium has been the practice. The return could either be full or partial and some factors determine the degree of return like the time duration between the commencement of the policy and the time of cancellation. RETURN OF PREMIUM Total refund of premium is made under the following conditions: (a) When the insurer acted "ultra vires" i.e. if they purportedly issue a class of policy for which they were not authorized in their Memorandum of Association. (b) Where there was no "Consensus ad idem" i.e. the parties were under a misapplication or misunderstanding regarding the details of the contract. (c) when the nature of the contact was illegal unless when the insured was aware of this fact or should have been aware of it at inception. (d) When there has been a breach of one of the conditions precedent to the contract unless the breach was willful or fraudulent. (e) When under the "cooling off" period for a long-term business. This is a situation when the proposer decides not to produceed.. [/QUOTE]
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