Liberty Life (insurance) Español
2. Non-payment and suspension of cover
If, because of the policyholder, the first premium is not paid, the insurer is entitled to terminate the contract or to demand the enforced payment based on the policy.
If the premium has not been paid before a loss occurs, the insurer is released from his obligations.
In case of failure to pay any of the following premiums, the insurer's coverage will be suspended one month after the date it came due.
If the insurer does demand payment within a period of six months following the date a premium comes due, the contract will be understood to have been terminated. In all cases, the insurer, when the contract has been suspended, may only demand payment of the premium for the period underway.
If the contract has not been terminated or cancelled pursuant to the preceding paragraphs, the cover under the policy will come back into force at midnight on the day the policyholder or insured pays the premium.
8. Beneficiaries of the policy