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
Bureau insurer that files its statistical and underwriting experience with a rating bureau. ...
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Circumstance in which there is a probability loss to personal property or real property resulting from property damage, destruction, or disappearance. ...
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