(1) The insurer is entitled to terminate the insurance agreement vis-à-vis the buyer of an insured object subject to a notice period of one month. The right to terminate the contract lapses if it is not exercised within one month of the insurer learning of the sale.
(2) The buyer is entitled to terminate the insurance agreement with immediate effect, or as per the end of the current period of insurance. The right to terminate the contract lapses if it is not exercised within one month of the purchase, in the case of a lack of the buyer’s knowledge of the existence of an insurance, within one month after he or she learns thereof.
(3) In the event that the insurance agreement is terminated in accordance with subsection (1) or (2), the seller is obliged to pay the premium; the buyer is not liable to pay the premium.