The budget projections underlying these «alternative» budgets are out - of -
date, with the result that their
policy prescriptions will not achieve a balanced budget
by the
dates specified.
«[E] ach
policy of aircraft accident liability insurance... shall
specify that it shall remain in force, and may not be replaced, canceled, withdrawn, or in any way modified to reduce the minimum standards set forth in this part, or to change the extent of coverage
by the insurer or the carrier, nor expire
by its own terms in regard to coverage for the carrier in its common carrier operations in air transportation, until 10 days after written notice
by the insurer (in the event of replacement,
by the retiring insurer), or
by the insurer's representative, or
by the carrier to the Department... which 10 - day notice period shall start to run from the
date such notice is actually received at the Department.»
One last thought from Kummer on the subject: «Most auto insurers
specify in your contract that you can terminate your
policy any time you want
by informing your company in writing about the
date you wish that coverage be terminated or you can do that over the phone.
Lapsed
Policy Reinstatement or Revival - A lapsed
Policy can be revived
by you within 2 years from the due
date of the first unpaid premium subject to the terms and conditions as
specified from time to time.