(i) Those provisions in insurance contracts that quality the insurer’s promise of indemnity or those obligations on the insured.(ii) A part of a contract which must be complied with by one party or the other. A condition governs the validity of the contract. (iii) Provision in as Insurance Policy which, along with the insuring agreements, defines the respective rights and duties of the Insurer and the insured in carrying out the terms of the Policy.
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MEDICAL,USA: 1. Any illness, disease, injury, pregnancy, bodily defect or abnormality, mental illness, alcoholism, or drug or chemical dependence. 2. Part of an insurance policy that states the insured’s obligation and those of the insurance company in order for the policy to be in effect.
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An action that must be completed to have the insurance policy remain valid and for claims to be paid. For example, the policy’s premiums must be paid up to date.
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One of the obligations of either the insured or the insurer imposed in the insurance contract.