Conditional Receipt Coverage Clause Samples
The Conditional Receipt Coverage clause provides temporary insurance protection to an applicant while their application for a policy is being reviewed. This coverage typically begins once the applicant has completed the necessary forms and paid the initial premium, and it remains in effect until the insurer makes a final decision on the application or a specified period elapses. Its core function is to ensure that the applicant is protected during the underwriting process, addressing the risk of loss before the formal policy is issued.
Conditional Receipt Coverage. Conditional Receipt coverage is not reinsured under this Agreement.
Conditional Receipt Coverage. Conditional Receipt coverage is not reinsured under this Agreement. ... END OF ARTICLE IV
Conditional Receipt Coverage. Automatic reinsurance coverage provided by the Reinsurer for the Company’s conditional receipt or temporary insurance agreement will commence at the same time as the Company’s contractual liability and is limited to the Reinsurer’s share of amounts accepted within the Company’s usual cash-with-application procedures for temporary coverage, up to the limits shown in Exhibit C. For facultative applications submitted to the Reinsurer, the Reinsurer’s liability under a conditional receipt or a temporary insurance agreement will commence at the same time as the Company’s contractual liability if the Reinsurer receives notice from the Company that the Reinsurer’s facultative offer has been accepted. The Reinsurer’s liability is limited to its share of amounts accepted within the Company’s usual cash-with-application procedures for temporary coverage, up to the limits shown in Exhibit C. If the proposed insured dies prior to the completion of the underwriting process, the Reinsurer will continue underwriting the risk to determine if a facultative offer would have been made on the risk provided the Company followed its normal cash-with-application procedure for such coverage. If so, the Reinsurer will accept liability for the risk, subject to the limits specified in the paragraph above. The Reinsurer has no liability for facultative applications that the Company has not submitted to the Reinsurer.
Conditional Receipt Coverage