Insurance contracts require conditions to be met by both parties for enforceability.
Conditional implies that both parties involved must meet certain conditions for the contract to be enforceable. In insurance contracts, this relates to specific requirements that the insured and insurer must fulfill for the contract to be valid.
For example, in an insurance policy, if the insured fails to pay the premium, the insurer may not be obligated to provide coverage. Similarly, if the insurer fails to investigate and process claims promptly, they may be in breach of the contract.
Understanding this conditionality is crucial for ensuring that both parties adhere to their obligations and that the insurance contract remains legally binding.
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