Liberty Life (insurance) Español
6. Increase and decrease of risk
2. Notification in the event of a decrease in risk
The policyholder or, where applicable, the insured or the beneficiary may inform the insurer of all those circumstances that decrease the risk and are of such a nature that, had they been known by the latter when the contract was formed, it would have been executed under more favourable conditions for the policyholder.
In such case, upon conclusion of the period covered by the last premium paid, the amount of future premiums shall be reduced proportionally. Where this is not the case, the policyholder shall be entitled to terminate the contract and to reimbursement of the difference between the premium paid and that which would have applied, as of the moment he reported the decrease in risk.