No Premium No Cover

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No Premium No Cover It is a principle in the insurance industry with adoption in most Insurance Acts, or by convention it adheres that the receipt of an insurance premium shall be a condition precedent to a valid contract of insurance and there shall be no cover in respect of an insurance risk unless the premium is paid in advance. An insurance premium cover is an amount of money that an individual or a business pays to the insurance provider periodically to ensure financial guarantee to their lives, property or businesses. To avoid the "no premium, no cover" situation: -Set Up Automatic Payments: This ensures your premiums are paid on time, reducing the risk of lapses. -Review Your Policy: Understand the grace period and reinstatement terms of your policy. -Budget for Premiums: Allocate funds for your insurance premiums as a regular expense in your budget. Remember the "no premium, no cover" principle is a fundamental rule in insurance. Always prioritize timely premium payments to maintain your coverage and avoid the potential financial consequences of a lapsed policy. #BeNewinsurance #InsurTech #inclusiveinsurance #insurance #reinsurance #takaful #climatechange

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