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
Company owned by its policy owners; no stock is available for purchase on the stock exchanges. ...
Local life insurance office that sells and services ordinary life insurance as well as other forms of life insurance except debt insurance. ...
Term used in the reinsuring of disability income insurance policies in that, after an extended period of time expires (in addition to the elimination period found in the disability income ...
Something that cannot be changed. In life insurance, a beneficiary who has been named as irrevocable cannot be changed without his or her formal (written) permission. ...
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Payment to a broker, master general agent, general agent, or agent on any particular line of insurance written by other agents within a particular geographical area. ...
Actuarial method of calculating benefits and their costs for all the employees as a group rather than for each individual employee. The costs of the benefits are measured in the form of a ...
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