5. Effective date, duration and termination of the policy
1. Execution and inception of the policy
The contract is executed by agreement of the parties, as evidenced by the subscription thereby of the policy. Notwithstanding the foregoing, the contracted cover will not commence until the first premium has been paid.
Any modifications or additions, where applicable, will incept pursuant to the terms of the relevant endorsement or rider.
The obligations of the insurer will begin at midnight on the day that both of the aforementioned requirements are met.
If the duration of the contract is more than six months, the policyholder shall be entitled to terminate the agreement without offering any cause and without incurring any penalty within 30 days from the date on which the insurer provides the policyholder with the policy or a provisional cover document.
This unilateral power to terminate the contract must be exercised in writing by the policyholder in the stated period and shall take effect on the date of issue.
As of this date, the coverage of the risk on the part of the insurer shall cease, and the policyholder shall be entitled to a refund of whatever premium he had paid, less the portion corresponding to the time for which the contract was in force.
2. Period of cover and generic grounds for cancellation
6. Increase and decrease of risk