Respuesta :
If the insurance company receives payment, the claim will be paid. If the underwriter receives the application, the claim will be paid. If the application is approved, the claim will be paid.
What is conditional receipt?
- An insurance company is given a window of time by a conditional receipt in which they can ultimately decide whether to endorse the strategy or not. The company will pay a passing benefit in the event that the life protection contract applicant passes away during this period if the approach had been issued.
- The most typical receipt is a conditional one. Under a "conditional" receipt, the applicant and the insurance provider create a contract that is contingent on the circumstances that existed at the time the application or medical exam was completed.
- As long as the applicant meets the insurer's eligibility requirements, they are quickly secured.
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