Condition Precedent
Definition of "Condition precedent"
Contractual obligation that requires one party to the contract to fulfill its obligation before another party to the contract is required to fulfill its contractual obligation. For example, under the homeowners insurance policy, in the event the insured suffers a property loss, that insured must provide the insurer with immediate notice of the loss as well as an inventory of the damaged property within 60 days of the occurrence of the loss.
Popular Insurance Terms
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Stipulations of the rights and obligations of an insured and an insurer under a policy. ...
Individual or other entity who owns an insurance policy. Synonymous with policyowner. ...
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Total earned premiums minus total expenses and losses paid of the insurance company. ...
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