However, I realize my policy will only become effective upon receipt and approval of this application by the Company, my pilot and medical requirements are current with the necessary ratings required by Transport Canada, and when I have paid the premium in full.
Premium is 100% fully earned upon the inception date of the policy. There will be no return premium if the policy is cancelled.
It is important that you read and understand the following: I certify that all information provided in this Application is true and complete to the best of my knowledge, and no information has been withheld. I agree that this Application and the terms and conditions of the policy to be issued shall be the basis of any contract between the insurance company and me. I understand that the above is a general description of coverage, the terms and conditions of the policy shall apply. I understand that no insurance is in force until the insurance company or its authorized representative affects a binder of insurance or issues a policy. I authorize the insurance company or its authorized representative to investigate the qualifications or statements.