Definitions for "Conditional Receipt"
Related Terms:
Binding receipt, Premium receipt, Conditional binding receipt, Life insurance policy, Policy, Life settlement, Conditionally renewable, Endorsement, Cover note, Viatical, Guaranteed insurability rider, Guaranteed renewable, Cancellable policy, Noncancellable, Non-cancellable, Cancellation, Provisions, Guaranteed insurability, Viatical settlement, Guaranteed purchase option, Renewability, Endorsements, Certificate of insurance, Convertible, Reinstatement provision, Cancelable, Convertible term insurance, Guaranteed renewable policy, Rider, Insuring agreement, Insurance policy, Policyholder, Incontestability clause, Declaration, Free look provision, Insurance binder, Riders, Guaranteed renewable contract, Health insurance policy, Life insurance, Provider, Renewable term life insurance, Owner, Policy holder, Open policy, Assured, Liberalization clause, Insurance coverage, Insured, Annuity policy
A receipt given to create an insurance contract on a temporary basis while the insurer underwrites the application. If the company rejects the application per its normal underwriting rules the temporary contract is null and void.
In life and health insurance, evidence of a temporary contract obligating an insurer to provide coverage as long as the premium payment accompanies the application. This allows the insurance company time to review and process the policy, and to issue or refuse coverage accordingly.
A document given to an applicant for life insurance stating that the company's acceptance is contingent upon determination of the applicant's insurability.
Given to policy owners when they pay a premium at time of application. Such receipts bind the insurance company if the risk is approved as applied for, subject to any other conditions stated on the receipt.
A premium receipt given to an applicant which makes the insurance effective only if or when a specified condition is met.
A temporary contract that requires the insurance company to provide conditional coverage during the underwriting process when premium is submitted with the application and the applicant has been examined.
Given to policy owners when they pay a premium at time of application. Interim coverage during the underwriting process is provided subject to terms and conditions of the receipt.
A receipt given for premium payments accompanying an application for insurance. If the application is approved as applied for, the coverage is effective as of the date of the prepayment or the date on which the last of the underwriting requirements, such as a medical examination, has been fulfilled.
This is given to the policy owner when they pay a premium with the application. This type of receipt binds the insurance company if the insured is approved as applied for. This is subject to any other conditions declared on the receipt.
A temporary insurance agreement that, subject to certain conditions, allows an applicant to obtain temporary insurance coverage during the issuance of his or her policy.
Given to policy owners when they pay a premium at the time of the application. These receipts bind the insurance company, provided your policy is approved, but are subject to any other conditions stated on the receipt.
A receipt given to an applicant of life insurance in exchange for the payment of the first premium in which the insurer, through its agent, specifies that the coverage will be effective as of the date of the receipt, subject to the condition that the proposed insured later be found to have been insurable as of the date the receipt was issued.
a receipt for premium payments that accompanies an application for insurance. If the application is approved as applied for, the effective date of coverage is the date of the prepayment, or the date on which the last underwriting requirement, such as a medical examination, has been fulfilled.
Given to policyowners when they pay a premium at the time of application. Interim coverage during the underwriting process may be provided subject to the terms and conditions of the receipt.
This is the more exact terminology for what is often called a receipt. It provides that if premium accompanies an application, the coverage will be in force from the date of application, or medical examination, if any, whichever is later, provided the insurer would have issued the coverage at the rate applied on the basis of the facts revealed on the application, medical examination and other usual sources of underwriting information. This coverage usually has a limit until the policy is delivered and all delivery requirements are met. A life and health insurance policy without a conditional receipt is not effective or available until it is delivered to the insured and the premium is paid and all other conditions are met.
A conditional receipt is given to an insured that submits money with the initial application for life insurance. It offers immediate coverage "conditionally", after the medical exam is completed, contingent upon the company's acceptance of the insured. The terms of the conditional receipt will vary among insurance companies.
Given to a policy owner at the time of application when a premium is paid. This binds the insurance company to provide coverage in case of a loss, subject to any other conditions stated on the receipt.
A form, normally required to be signed by the writing agent, and given to the owner at the time of a new application is completed. This signed form is only given to the owner when an initial premium is collected by the agent. Conditional Receipts only apply to application of individual life or disability insurance (and sometimes medical insurance). This form usually grants some form of limited coverage, under specified conditions, prior to issuance.