Condition Subsequent
Definition of "Condition subsequent"
Termination of a contractual obligation for immediate performance. For example, under the homeowners insurance policy, if the insurer refuses to pay a claim, the insured (if not satisfied with the reason) must bring suit against the insured within one year of having incurred the loss or he/she will forgo forever the right to sue the insurer.
Popular Insurance Terms
One of four types of risks affecting the life insurance company as identified by the society of actuaries. This risk is associated with losses that the life insurance company may incur as ...
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Inability of the insured to perform any and all important daily duties of that insured's occupation. ...
Wife's interest in her husband's property upon his death. The wife has an insurable interest in that property and can purchase a property and casualty insurance policy to cover the ...
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Location that is different from an insured's home or place of business. Under the standard homeowners insurance policy, the property of the insured is covered off premises; for example, if ...
Probability of loss upon which a basic premium rate is calculated. ...
Concealment of the actual fact. For example, an insurance agent tells a prospective insured that a policy provides a particular benefit when in actual fact this benefit is not in the ...
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