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Conditional assignment

Assignment of a life policy that is not absolute but is dependent upon certain conditions. It typically happens when a policy is given as security for a loan or mortgage as on repayment the original insured has the right to have the policy reassigned to him.

Conditional Binding Receipt

A conditional binding receipt is used in life insurance. Once the agent takes the insured’s application for life insurance and the insured makes the initial payment, the agent issues a receipt that states that if the insurance company accepts the risk, the insured is insured from the date of the receipt. This matters for two reasons. One, the insured may die before the policy is issued and, assuming the company would have issued the policy, the insured’s beneficiary will receive the proceeds. Two, the contestability period begins the date of the receipt rather than after the policy is issued. (See Binder, Contestability Period).

Conditional contract

Insurance agreement in which the insured’s acceptance is considered uncertain during a specific time period and during which time the individual may cancel the agreement and receive a refund of the premium payments.
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Although only the Insurer can be forced to perform after the contract after the contract is effective, the Insurer can refuse to perform if the insured does not satisfy certain conditions contained in the contract. As such, Insurance contracts are conditional contracts.

Conditional fee agreement

The Courts and Legal Services Act 1990 permits conditional fee agreements in certain categories of proceedings under which solicitors and counsel only receive a fee, and then at an enhanced rate, if the case is won (no win, no fee). Conditional fees are most commonly employed in personal injury cases. In all litigation solicitors are permitted to act whereby they receive no fee if the case is lost but the usual fee if they win. See ACCESS TO JUSTICE ACT 1999; AFTER THE EVENT INSURANCE.

Conditional payment

Reimbursement made by Medicare for services for which a third-party (primary payer) is responsible. The provider (physician) requests payment from the Medicare Secondary Payer because a lengthy processing delay (more than 120 days) by the third-party payer is expected. The provider must agree to send a refund or request for reconsideration from Medicare within 60 days of the third-party payer’s payment.

Conditional premium receipt

Type of premium receipt given to the applicant on payment of the initial premium. The life insurance policy becomes effective before it is actually issued only on acceptance or approval of the application (i.e., the proposed insured is found to be insurable). Also called conditional receipt.