It is hereby understood and agreed that the premium shall be paid in the following instalments:-
1st Instalment 25/25/25/25 Premium 01/03/99
2nd Instalment 25/25/25/25 Premium 01/06/99
3rd Instalment 25/25/25/25 Premium 01/09/99
4th Instalment 25/25/25/25 Premium 01/12/99
Nevertheless it is further understood and agreed that:-
Notwithstanding any provision as to notice of cancellation contained in the Policy, it is a condition that in the event of any installment not being paid by its due date the cover afforded by this Policy shall be deemed to have ceased at midnight of such due date.
In the event of a claim hereunder which exceeds the installments of premium paid on this Policy the installments of premium then outstanding shall become payable forthwith.