conditional contract insurance

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What is a conditional contract?

There is usually a time frame included in conditions. Conditional contracts may be used to sell real estate, vehicles, equipment, and other personal property. Some parties do not want to enter into conditional contracts because they do come with risk and possible uncertainty and will only enter into them if absolutely necessary.

Are insurance contracts conditional?

Insurance contracts are also conditional contracts because when the loss occurs certain conditions must be met to make the contract legally enforceable. For example, a policyholder might have to satisfy the test of having an insurable interest and satisfy the condition of submitting proof of loss.

Is a conditional contract enforceable?

If the other agreement or condition is performed, then the conditional contract is enforceable and the parties are bound to carry out the terms of the contract. Both the buyer and the seller can request conditions to be included in the offer to a conditional contract.

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