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
Modified endowment insurance policy under which the insured receives one-half the death benefit as the maturity value of the policy. ...
Actual mortality experience of an insured group as compared to the expected mortality for that group. ...
Term in pensions; leaving a job before normal retirement age, subject to minimum requirements of age and years of service. There usually is a reduction in the monthly retirement benefit. ...
Annuity guaranteeing a given number of income payments whether or not the annuitant is alive to receive them. If the annuitant is living after the guaranteed number of payments have been ...
Act that regulates the variable dollar insurance products (equity related) sold by insurance companies. The act includes regulations that stipulate: the variable dollar insurance products ...
End of a defined time period that dividends become payable to the policyholder. ...
All sources of cash flow, usually stated on an annual basis. ...
Association of independent agents whose objective is to further the interests of these agents through education, lobbying, and professional ethics. ...
Physical, moral, or financial circumstance of a life insurance applicant that sets him or her apart from a physically, morally, and financially sound standard applicant. The underwriting ...
Have a question or comment?
We're here to help.