CONDITIONAL RECEIAT Sample Clauses
The Conditional Receipt clause establishes that coverage under an insurance policy becomes effective only if certain specified conditions are met after the application and initial premium payment. In practice, this means that the insurer provides a receipt to the applicant, but actual insurance protection is contingent upon the applicant meeting underwriting requirements, such as passing a medical exam or being approved as an insurable risk. This clause primarily serves to clarify when coverage begins, protecting both the insurer and the applicant from misunderstandings about the effective date of insurance.
CONDITIONAL RECEIAT. The Reinsurer will accept liability on the Company's Conditional Receipt or Pre-paid business up to the amount shown in Exhibit A, provided that all procedures, terms and conditions of the Company's Conditional Receipt are followed. All Conditional Receipt forms in use by the Company, as well as any subsequent changes or modifications must be approved in writing by the Reinsurer.