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
Property and casualty coverage that indemnifies automobile dealers if a dissatisfied customer demands a refund within the period of time allowed under the Uniform Commercial Code. This ...
Portion of the death benefit in a life insurance policy paid upon the insured being diagnosed as having a terminal illness that will result in death within a year. ...
Form of insurance whereby the buyer (reinsurer) assumes the entire obligation of the cedent company, effected through the transfer of the policies from the cedent to the books of the ...
Obligations and responsibilities subject to evaluation, interpretation, and enforcement in a court of law. Casualty insurance provides coverage for an insured against a civil legal ...
Coverage that protects a business, up to the policy limits, if actions or non-actions of the insured result in a legally enforceable claim for bodily injury, property damage, or personal ...
Same as term Contractors Equipment Floater: form of marine insurance that covers mobile equipment of a contractor, including road building machinery, steam shovels, hoists, and derricks ...
Intentional injury caused by the person injured. For life and health insurance purposes, self-inflicted injury typically is not covered by accident policies, because it is intentional, not ...
Length of time required to amortize the excess expenses of acquiring a given group of life insurance policies. In acquiring a policy, a life insurance company may incur expenses (such as ...
Record of insurance policies sold to an individual. ...
Have a question or comment?
We're here to help.