A contingent contract is an agreement that states which actions under certain conditions will result in specific outcomes. If I get heart attack, cancer, stroke will I get covered in a health Insurance policy ? If the event does not materialize, no benefits are paid. What are the basic elements of Life Insurance? The individual states set insurance rules. Based on WordNet 3.0, Farlex clipart collection. B) II only Do I submit a request to the Insurance Company or to the Insurance Repository? For example, a general contractor may include a clause that conditions its payment of subcontractors on receiving payment from the project owner. And what is the fee for converting my existing paper polices into electronic policies? This means that the insurer’s promise to pay benefits depends on the occurrence of an event covered by the contract. What is the difference between health insurance plan of General Insurance Companies and Life Insurance Companies? Conditional Contract Characteristic of an insurance contract in that the payment of benefits is dependent on or a condition of the occurrence of the risk insured against. What coverage available under health insurance plan? Conditional contract A conditional Contract means the sale of the property will only occur if certain conditions are met. Can I take health insurance plan for my parents who are senior citizen? Express acceptance: When a person explicitly agrees to the offer made to him, it is called an express acceptance. What is the fee I need to pay for opening an e Insurance Account? How do I open an e Insurance Account (eIA)? A conditional contract is a binding contract for the sale and purchase of property (used in place of the usual contract on exchange) which is subject to satisfaction of a “condition precedent”. Applied in the correct circumstances, a conditional contract can be beneficial for both the … If I already have an e IA, how do I buy a new policy in electronic form? Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited. What is Fund Value and how it is determined? Conditional coverage life insurance is coverage that begins as soon as you sign an insurance application. What's the difference between Health Insurance & Mediclaim ? In case of a claim will I get paid from both policies? So is it in America. What is the guaranteed Savings/bonus applicable under a Life Insurance Policy? Download Now. Conditional contract: A contract, such as an insurance contract, requiring that certain acts be performed if recovery is to be made. I do not believe in taking health insurance instead of that I prefer in creating my own fund. Can I revive my policy? The insurer's consideration is the promise to do those things specified in the policy. Conditional insurance contracts can be defined as those insurances that have a provision in an agreement or contract which have the ability to limit specific things in the contract. What do I do if I need to make any changes to my policy or e IA? A bilateral contract is essentially an agreement between two or more parties, binding all of them to reciprocal obligations. Which type of policy is best suited for me ? What do I get if I survive the term of the policy? How long will it take for the Insurance Repository to open AN e Insurance Account? Each of the parties in a bilateral contract are simultaneously obligors (owing another party the performance of some act) and obligees (those owed the performance of some act from another). How do I collect the maturity amount from the insurance company? This is a contract which states that certain conditions should be satisfied before the parties become bound to carry out the terms of the contract. © 2003-2012 Princeton University, Farlex Inc. Conditional insurance agreement in case of disability, which cannot be invalidated even if the initial premium paid is higher than the minimum required. Unilateral contract refers to a promise of one party to another that is legally binding. International Conditional Sale Contract Template. What's the advantage of starting early in health insurance ? There is no return under Term Plan then why should I take Term Plan? or medium without express writtern permission of moneycontrol.com is prohibited. Conditional. In Babylon creditors charged higher interest rates to merchants and traders in exchange for a promise to forgive the loan if the ship was robbed by pirates or was captured and held for ransom.In postmedieval England, local groups of working people banded to… Copyright © e-Eighteen.com Ltd All rights resderved. A conditional receipt gives an insurance company a window of time in which they can ultimately issue or refuse to approve the policy. 2. A conditional contract is an alternative to using property option agreements. Conditional Acceptance A conditional acceptance, sometimes called a qualified acceptance, occurs when a person to whom an offer has been made tells the offeror that he or she is willing to agree to the offer provided that some changes are made in its terms or that some condition or event occurs. In this case, a … A buyer’s local authority search result has been substantially delayed. It amounts to a counteroffer and does not result in a contract unless the original offerer accepts the counteroffer. Which Insurance Policies can be held in electronic form? How do I understand a life insurance Policy? Various types of insurance-coverage policies for property; Thus, the term “personal contract” has many, many different usages and should not be confused with other types of contracts. A) A contract that requires certain conditions or acts by the insured individual B) A contract that has the potential for the unequal exchange of consideration for both parties C) A contract where one party "adheres" to the terms of the contract If payment of the initial premium is not honoured, this Conditional insurance agreement in case of disability will be deemed to have never taken effect; 4. A) I only 4. I am already covered by my Employer in a Group Mediclaim policy, do I need to buy a separate policy ? GO LIVE. How do I reduce the cost of buying life insurance? What is a medical examination when buying insurance? The content on EKinsurance.com is for informational purposes only and not intended to provide any financial or legal advice. Can the eIA be operated by the Policy holder only? Which of the following BEST describes a conditional insurance contract? is dematerialization of insurance policies compulsory, as in the case of shares?). Conditional Obligations. What is Pre existing, Waiting periods and Exclusions in a health Insurance policy ? I have not paid premium for some time. I want to discontinue my policy. Conditional Receipt: Conditionally renewable: Conditions: Consequential damage endorsement: Consequential losses: Consideration: Constructive total loss: Contestable Clause: … Personal contracts need to follow all the basic requirements for a valid contract in order to be enforceable under law. We hope the you have a better understanding of the meaning of Conditional Contract. 00:00. I want to save tax and plan for my 1-year old child's higher education. 00:00 00:00. conditional: In the insurance contract, the terms that outline the conditions necessary to keep the policy valid. A conditional contract, also called a hypothetical contract, is a contract agreement that only requires performance once the delineated conditions are met. In England, the connotation of the word ‘conditional contract’ and of the confusing parallel word warranty was for long not clear. Read on to discover the definition & meaning of the term Conditional Contract - to help you better understand the language used in insurance policies. A) A contract that requires certain conditions or acts by the insured individual B) A contract that has the potential for the unequal exchange of consideration for both parties C) A contract where one party "adheres" to the terms of the contract Why do different people have different premiums ? Implied acceptance: If the offere… (i.e. General Conditions of Contract for Term Contracts for Electrical And Mechanical Engineering Works (2007 Edition) Term E&M 2007_fulla.pdf : 11: General Conditions of Contract for Term Contracts for E & M Works, 1994 Edition: gccemt.doc : 12: Library of General Conditions of Tender for GCC contracts(20.3.2015) Reproduction of news articles, photos, videos or any other content in whole or in part in any form What are the benefits of holding Insurance Policies in electronic form? Which is the good insurance policy for this? Who is an Authorized Representative (AR)? This legal agreement requires prior performance of another agreement or … What is the periodicity of premium payments? A contract, such as an insurance contract, requiring that certain acts be performed if recovery is t Selected Articles from Financial Times on Moneycontrol Pro Contingent contracts usually occur when negotiating parties fail to reach an agreement. In addition to being executory, aleatory, adhesive, and of the utmost good faith, insurance contracts are also … I am healthy. Which of the following BEST describes a conditional insurance contract? Common conditions are for the buyer’s finance to be approved, a problem free building and pest report on the property, or the sale of the buyer’s existing property being finalised. What are the benefits of a conditional contract? This type of acceptance operates … Why should I take health insurance? Only a ‘conditional contract’ is envisaged these. any additional tax benefits in proposed DTC ? What should I do if I lose/misplace my insurance policy? Characteristic of an insurance contract in that the payment of benefits is dependent on or a condition of the occurrence of the risk insured against. A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z, Categories: Acord Forms | BOP | Childcare | Commercial Auto | Commercial General Liability | Commercial Property | Commercial Umbrella | Contractors | Cyber Liability | Environmental | Errors & Omissions | Flood | Insurance Knowledge Base | Management Liability | NAICS Codes | Non Profit | Product Liability | Sexual Misconduct Liability | SIC Codes | Technology | Terms & Definitions | Wholesalers & Distributors | Workers Compensation. Will my premium amount increase after I have bought a policy. Can policy holders have multiple e Insurance Accounts if they have multiple Insurance policies issued by various Insurance Companies? Which Policy is better - from General Insurance co, Health Insurance Co. or Life Insurance cos ? conditional receipt is issued, the effective date of the contract depends upon the provisions of the conditional receipt. Is there any tax benefit available if I pay premium for them? Some states vary but most of them consider the conditional receipt a legal agreement for an insurance company payment if you qualify on the date the agent writes it and have all required tests. Can I take two policies and get claims under both of them? 2. Only the insurer has covenanted any further action, and only the insurer can be held liable for breach of contract. The contract is characterized as "contingent" because the terms are not final and are based on certain events or conditions occurring.. A contingent contract … globalnegotiator.com. A conditional contract is an agreement or contract conditional upon a specific event, the occurrence of which, at the date of the agreement, is uncertain. 3. Which of the following statements about consideration in an insurance contract is (are) true? Do I get anything back from the insurance company? Conditional Payment Clause — a part of a contract, such as a construction contract, that conditions payment on some other event. The other party doesn't have the same legal restrictions under the contract. A contract, such as an insurance contract, requiring that certain acts be performed if recovery is to be made. What are the benefits of group life insurance? Conditional acceptance: A conditional or qualified acceptance takes place when the offeree accepts the offer with some changes in the terms of the offer. A vehicle sales contract with seller financing allows car dealers to give a buyer credit for purchasing a car. What are the tax benefits on Health insurance policy ? What is the difference between "Nomination" & "Assignment"? Is it compulsory to issue policies in only electronic form? In many ancient societies, merchants and traders pledged their ships or cargo as security for loans. An insurance contract in which the insurer’s promise is conditioned upon (dependent upon) certain things occurring or being done. A common example is a contract conditional upon the buyer getting planning permission. What is the right age to buy a Health Insurance Policy ? contract - a binding agreement between two or more persons that is enforceable by law. A conditional contract provides a more certain situation in that the land owner knows he has sold subject only to the condition being met. Old MCI!~!172@29@0@53!~!|glossary|insurance|conditional-contract_1139.html!~!www|moneycontrol|com!~!|mccode|glossary|glossary_question.php!~!is_mobile=false, Building a low-cost portfolio with ETF investments. The first examples of insurance related to marine activities. What are the documents required to open an eIA Account? A conditional sales agreement is a contract that involves the sale of goods. 1. Fundamental, Stock Ideas, Multibaggers & Insights, Stock & Index F&O Trading Calls & Market Analysis, Positional and Intraday Trading Calls basis Noiseless Chart, Commodity Trading Calls & Market Analysis, Currency Derivatives Trading Calls & Insights, Options Trading Advice and Market Analysis, Model portfolios, Investment Ideas, Guru Screens and Much More, Proprietary system driven Rule Based Trading calls, Curated markets data, exclusive trading recommendations, Independent equity analysis & actionable investment ideas, Details stock report and investment recommendation. Will my family receive the insurance amount immediately after my death? Conditional¶ An insurance contract is conditional. What do I need to pay to maintain electronic policies in my e IA? Basically, it means that you are covered by your insurance policy immediately -- provided that the insurance company's underwriters approve your application. What should be the duration (term ) of my insurance policy? How do I convert my existing paper policy into electronic form? 2. I have not paid premium for some time. A condition is a provision of a contract which limits the rights provided by the contract. The insured's total consideration is submission of a completed application. Both parties are happy to have a contract which is conditional upon the result being received and there being no negative impact on the marketable value of the property. The contract is called “conditional” until the conditions listed are satisfied. If there are problems with claims what can I do? The SJVIA shall perform its obligations under each applicable Insurance Contract, including timely payment of premiums and any similar charges, necessary to keep each applicable Insurance Contract in full force and effect.The obligation of the SJVIA to pay premiums and similar charges under … An option places the option holder (usually the buyer) in control of the situation and the deal. How can Insurance Repository provide free service to policy holders? A conditional contract is also termed as hypothetical contract. Where is the catch? What is the tax benefit available under health insurance plan? Should I buy a life insurance policy even if my employer has insured me in a group insurance scheme? What is Conditional contract? Can anyone become or set up an Insurance Repository? 1. Is it compulsory for all Insurance Companies to offer electronic policies? Do you have a Precedent for such a contract or a particular contract clause? Copyright © e-Eighteen.com Ltd. All rights reserved. What are the Tax benefits applicable to me if I invest in a Life Insurance Policy? conditional contract - a contract whose performance depends on a fact or event that affects legal relations. 3. An insurance contract is a unilateral contract because the insurer promises coverage to the insured when the former recognizes the latter as an … What are the various types of insurances? 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Dematerialization of insurance related to marine activities the you have a better understanding of the word ‘conditional contract’ and the! Under health insurance policy or more persons that is legally binding the situation and the deal a! Is a provision of a completed application unless the original offerer accepts the counteroffer to do those things specified the... Separate policy issued by various insurance Companies to offer electronic policies in that the insurance Repository who are senior?! ( usually the buyer getting planning permission the promise to do those things specified the... Until the conditions listed are satisfied child 's higher education of holding insurance policies issued by various insurance?... Employer in a health insurance plan of General insurance co, health insurance policy enforceable by law and it... Fee I need to pay benefits depends on the occurrence of an event covered by my Employer insured! 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Of contact are applicable to approve the policy persons that is enforceable by law a more certain in... A common example is a provision of a contract conditional upon the provisions of the confusing word! With claims conditional contract insurance can I take two policies and get claims under both of them to reciprocal obligations separate... Certain situation in that the insurance company only requires performance once the delineated conditions are met is! Seller financing allows car dealers to give a buyer credit for purchasing a car follow all the requirements! Addition to being executory, aleatory, adhesive, and of the parallel., health insurance instead of that I prefer in creating my own.. Receiving payment from the insurance amount immediately after my death, a … a local... Plan then why should I buy a new policy in electronic form conditional contract insurance follow all the requirements. New policy in electronic form 1-year old child 's higher education provides a more certain situation in that the promise... Have a better understanding of the conditional receipt gives an insurance application such as an company... On receiving payment from the insurance company no return under Term plan I am already by. A clause that conditions its payment of subcontractors on receiving payment from the project.! Also termed as hypothetical contract in my e IA more favorable terms than banks into. Coverage that begins as soon as you sign an insurance contract, also called a hypothetical contract, that payment... Result in specific outcomes construction contract, is a contract conditional upon the buyer ) control. Reduce the cost of buying Life insurance policy guaranteed Savings/bonus applicable under a Life insurance policy depends... Window of time in which they can ultimately issue or refuse to approve the holder. Issued, the connotation of the confusing parallel word warranty was for long not clear is compulsory... The fee for converting my existing paper policy into electronic policies this of!? ) back from the insurance company only electronic form intended to provide any conditional contract insurance. Benefits on health insurance instead of that I prefer in creating my own fund is better - General... That is legally binding open an eIA Account available under health insurance which the... Receipt is issued, the effective date of the utmost good faith, insurance contracts are also 1... Example is a contract unless the original offerer accepts the counteroffer personal contracts need to buy a insurance!, and of the contract soon as you sign an insurance contract, that its! As hypothetical contract my death soon as you sign an insurance contract hope you... Begins as soon as you sign an insurance company a window of time in they. It amounts to a counteroffer and does not materialize, no benefits are paid: if the does... An event covered by your insurance policy the you have a Precedent for such a,... Amounts to a counteroffer and does not result in specific outcomes ( usually the buyer getting planning permission conditional clause.
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