<p>IT IS UNDERSTOOD AND AGREED that as a condition precedent to this insurance and compliance with the Insurance Commissioner&#39;s 17 January 1980 Circular, the premium payment shall be due and payable on or before the specified dates mentioned under this policy.</p>

<p>IT IS FURTHER UNDERSTOOD AND AGREED that in the event of any installment not being paid on its due date, the cover afforded by this policy shall be deemed to have ceased at midnight of such due date.</p>

<p>PROVIDED FURTHER, that in the event of loss covered hereunder during the currency of this policy, all further installments shall immediately become due and payable and the Company shall be entitled to take credit thereof.<br />
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