Notwithstanding that this policy is issued as a contract for a period of twelve months, it is hereby understood and agreed that the premium shall be payable in the following circumstances:
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Nevertheless it is further understood and agreed that in the event of any installment not being paid prior to, or within 14 (fourteen) days after its due date, the cover afforded by this policy shall be deemed to have ceased at midnight on such due date.
In the event of a claim arising hereunder exceeds the installment premium paid on this policy, the installment of premium then outstanding shall become due and payable forthwith.