|1st Policy Year||No coverage|
|2nd Policy Year||25%|
|3rd Policy Year||50%|
|4th Policy Year and thereafter||100%|
|No claims period immediately prior to the Policy’s Renewal||No claims premium discount|
(Discount rate on the Renewal premium)
|2 consecutive Policy Years||10%|
|3 consecutive Policy Years||10%|
|4 consecutive Policy Years||10%|
|5 consecutive Policy Years and thereafter||15%|
Immediately following the termination of this Policy, insurance coverage under the Policy shall cease to be in force. No premium paid for the current Policy Year and previous Policy Years shall be refunded, unless specified otherwise.
Where the Policy is terminated pursuant to (a), the effective date of termination shall be the date that the unpaid premium is first due.
Where the Policy is terminated pursuant to (b) or (c), FWD shall refund the relevant premium paid for the current Policy Year on a pro rata basis.
Moreover, the policy shall also be terminated if you decide to cancel the Policy or not to renew the Policy in accordance with Section 3 of Part 2 or Section 1 of Part 4 of the Terms and Benefits of the Policy provisions, as the case may be, by giving the requisite written notice to FWD. If the Policy is terminated for cancellation after cooling-off period, the effective date of termination shall be the date as stated in the cancellation notice given by you. However, such date shall not be within or earlier than the 30-day notice period. If the Policy is not renewed, the effective date of termination shall be the renewal date immediately following the expiry of the Policy Year during which the Policy remains valid.
For more details, please refer to Section 15 of Part 2 of the Terms and Benefits of the Policy provisions.
FWD should not refuse any application by the Policy Holders for the transfer of ownership to –