(1) The risk continues for the term mentioned in the policy, and in general for the 15 days of grace during which the assured has the opportunity of tendering the renewal premium.
(2) On payment of the renewal premium the policy remains in force for a year from the expiration of the former year not including the days of grace.
(3) A policy expressed to be for 12 months from a certain date covers the corresponding date in the following year, and if expressed to be from one date to another, it covers the latter date.