conditional in insurance | BTCC Knowledge

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What is a conditional insurance receipt?

This receipt says that the insured and the insurance company have a conditional contract that ensures that the insured is set to get certain benefits in case of contingencies during the application filing and medical examination. This means the insured can receive coverage if they comply with the insurer’s requirements.

What is a conditional binding receipt in insurance?

A conditional binding receipt in insurance provides temporary coverage while the insurance company evaluates the application. If the insured meets certain conditions, coverage can be bound retroactively to the date the receipt was issued. If the conditions are not met, the insurance coverage may be void.

Is a life insurance policy without a conditional binding receipt effective?

A life and health insurance policy without a conditional binding receipt is not effective until it is delivered to the insured and the premium is paid. The function of a conditional binding receipt can actually be divided into two separate receipts: a conditional receipt and a binding receipt.

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