A conditional premium receipt is issued when the applicant pays the first premium of their life insurance. Assuming the applicant meets all requirements, the conditional premium receipt would force the policy into place before all of the documents are issued.
The conditional premium receipt is also referred to as a "conditional receipt." On the other hand, a conditional binding receipt are involved in insurance contracts such as health, property, and life insurance. Once the insured receives the conditional binding receipt and the insured is covered by the insurer, the coverage will begin.
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