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
Premium paid at the time a policy goes into effect. With some policies, such as group health insurance, premiums are subject to adjustment at the end of the policy period to reflect loss ...
Provision in health insurance under which an insured disabled person is required to undertake (and is reimbursed for) expenses associated with vocational rehabilitation for retraining to ...
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disposition of a claim or policy benefit. Policies may specify time limits for payment of claims or benefits and designate various methods of settlement at the option of the insurer or the ...
in life insurance, receipt by a company of an insurance application accompanied by the first premium. in property and casualty insurance, a company's receipt of an application. ...
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Arrangement between the seller and the buyer in which the buyer has the right to buy (call option) or sell (put option) a security at some time in the future at a price stipulated at ...
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Sum it takes to replace an insured's damaged or destroyed property with one of like kind and quality, equivalent to the actual cash value, minus physical depreciation (fair wear and tear) ...
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