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
Single policy under which one individual is insured. ...
Disability in which a wage earner is forever prevented from working at full physical capability because of injury or illness. ...
Insurance that covers each and every loss except for those specifically excluded. If the insurance company does not specifically exclude a particular loss, it is automatically covered. ...
Form of cash refund annuity used by contributory pension or employee benefit plans. When employee participants die before receiving all of their contributions in the form of retirement ...
Same as term Commercial Health Insurance: coverage that provides two types of benefits, disability income (DI) and medical expenses. Sold by insurance companies whose business objective is ...
Record of insurance policies sold to an individual. ...
Type Of GUARANTEED INVESTMENTS CONTRACT in which funds for the contract are put in the insurance company's general account ...
Insurance coverage for pitfalls associated with travel. The coverage can be classified as follows: Trip Cancellation the travelers) must cancel the trip because of unforeseen circumstances ...
Length of employment as measured to determine eligibility, vesting, and benefit levels for employee participants in tax qualified pension plans. There is often a requirement that years of ...
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