Page 355 - Motor Insurance Ebook IC 72

Guide for Motor Insurance

b) The expiry date of the current period of insurance
under the policy may be extended for a period equal
to the period of suspension on payment of a sum of
Rs. 5 for this concession.

(2) In case of restriction of cover under the policy -
Under 'B' Policy the liability of the company may
be restricted for loss / damage by Fire and Theft
only, and in consideration of the reduced risk,
a) a pro-rata return of premium for such
period may be allowed after charging
premium for the period of such restriction
at the rate of 15 paise per cent on IEV per
month or part thereof, and subject to a
minimum premium of Rs. 30/-. The return
of premium may be allowed only as a credit
deductible from the next renewal premium,
and not as a cash refund; or

b) the expiry date of the current period of
insurance may be extended for a period
equal to the laid up period on payment of
premium at the rate of 6 paise percent on
IEV per month or part thereof, during which
the cover has been so restricted to Fire and
Theft risks, subject to a minimum premium
of Rs. 15/-.

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