Conditional Contract In Insurance
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How to fill out Conditional Sales Contract?
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FAQ
The consideration clause spells out exactly how much premium payments are and when they are due. The legal consideration for a life policy consists of the application and payment of the initial premium. It may also list the effective date.
Under a conditional receipt, the applicant and the insurance company form a "conditional" contract that is contingent upon the conditions that existed when an application or medication exam is completed. It provides that the applicant is covered immediately as long as they pass the insurer's underwriting requirements.
An insurance contract in which the insurer's promise is conditioned upon (dependent upon) certain things occurring or being done. PreviousConceptual Bidding.
A conditional contract in insurance is a type of contract that is only valid if certain conditions are met. For example, a life insurance policy may have a provision that the policy will only pay out if the insured person dies within a certain period of time.
A conditional insurance contract is an agreement between an insurance company and a policyholder in which the insurer agrees to provide coverage for a specific event or loss, provided that certain conditions are met.