It is a fundamental and absolute special condition of this contract of Insurance that the premium due must be paid and received by the Corporation within sixty (60) days from the inception date of this Policy/Endorsemen Renewal Certificate.

If this condition is not complied with then this contract is automatically cancelled and the Corporation shall be entitled to the pro rata premium for the period they have been on risk.

Where the premium payable pursuant to this warranty is received by an Authorised Agent of the Corporation, the payment shall be deemed to be received by the Corporation for the purposes of this warranty and the onus of proving that the premium payable was received by a person, including an Insurance Agent, who was not authorised to receive such premium shall lie on the Corporation.