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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State law that stipulates the establishment of required reserves for claims made basis liability coverage contracts, removes the excess statutory reserves, and directs that all amounts that ...
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