See: conditional premium receipt.
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A receipt for the initial premium on an insurance proposal, subject to a condition, e.g., that the insurance will not be effective until the insurers have considered and notified acceptance of the proposal.
Insurance Encyclopedia
Conditional receipt (Life Insurance/Health Insurance)
Proof of an interim contract, which forces a health or life insurance company to pay out benefits as long as an adequate application and a premium were received.
Conditional Reserves
The aggregate of various reserves which, for technical reasons, are treated by companies as liabilities. Such reserves, which are similar to free resources or surplus, include unauthorized Reinsurance, excess of statutory loss reserves over statement reserves, dividends to policyholders undeclared and other similar reserves established voluntarily or in compliance with statutory regulations.
Conditional sales floater
Covers a store’s property purchased on installment.
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A type of policy designed to cover property that has been sold on an installment or conditional sales basis. It covers the interest of the seller.
Conditionally renewable
Insurance policy renewal provision that grants the insurer a limited right to refuse to renew a health insurance policy either to a stated date, at the end of a premium payment period, or at an advanced age.
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A continuation provision in health insurance under which the insurer may not cancel the policy during its term but can refuse to renew under specified circumstances.
Conditions
MEDICAL,USA: 1. Illnesses, diseases, injuries, pregnancies, bodily defects or abnormalities, mental illnesses, alcoholism, or drug or chemical dependencies. 2. Part of an insurance policy that states the insured’s obligations and those of the insurance company in order for the policy to be in effect.
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UK: Parts of a policy that must be complied with by one party or the other. Conditions may be implied by law or expressed, i.e. set out in the policy. The effect of a breach by the insured depends upon whether it relates to a condition precedent (things to be done before the contract is concluded, e.g. utmost good faith); a condition subsequent (things to be done during the policy certain stanterm, e.g. maintainin dards); a condition precedent to liability (things to be done before the insurer is liable for a particular loss, e.g. proper notification). See WARRANTY.
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US: Provisions inserted in an insurance contract that qualify or place limitations on the insurer’s promise to perform.
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See: policy conditions.
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These are provisions of an insurance policy which state either the rights and duties of the insured or the rights and duties of the insurer. Typical condition have to do with such things as the insured’s duties in the event of loss, cancellation provisions, and the right of the insurer to inspect the property.
Conditions for qualification
The duties required of the insured before benefits are paid; for example, submitting an inventory of items lost.
conditions of participation (COPs)
Federal requirements that health care facilities must meet to be eligible to participate in the Medicare program and receive payments for medical services rendered to beneficiaries. These conditions include meeting a statutory definition of the particular institution or facility, conforming to state and local laws and having an acceptable utilization review plan. Surveys to determine whether facilities meet conditions of participation are made by the appropriate state health agency.
Condominium
Type of dwelling where the structure is owned jointly while spaces within the structure are owned individually. Special property and liability forms cover the interests of the condominium association and of unit owners.
Condominium association coverage
A policy that provides coverage for the building, elements of the building, and liability needs for those who collectively own a piece of property.