What does Policy Conditions mean? Read on to discover the definition & meaning of the term Policy Conditions - to help you better understand the language used in insurance policies.
The section of an insurance policy that identifies general requirements of an insured and the insurer on matters such as loss reporting and settlement, property valuation, other insurance, subrogation rights, and cancellation and nonrenewal. The policy conditions are usually stipulated in the coverage form of the insurance policy.
We hope the you have a better understanding of the meaning of Policy Conditions.