Conditional Insurance

Business, Legal & Accounting Glossary

Definition: Conditional Insurance

Full Definition of Conditional Insurance

Your mortgage lender may insist on certain insurance products being taken out before granting you a mortgage.

Lenders used to stipulate life insurance as a requirement but no longer do so (although you would be well advised to ensure that you have enough to cover the cost of your mortgage rather than leaving your dependants potentially homeless in the event of your death).

Lenders do, however, still insist on buildings insurance. Remember, while you are paying the mortgage they have an interest in the property and want their asset to be protected.

You may also find that lenders offering capped, discounted and fixed-rate products may require you to take out accident, sickness and unemployment cover before mortgage monies are released.

Cite Term

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Modern Language Association (MLA):
Conditional Insurance. Payroll & Accounting Heaven Ltd. September 21, 2021
Chicago Manual of Style (CMS):
Conditional Insurance. Payroll & Accounting Heaven Ltd. (accessed: September 21, 2021).
American Psychological Association (APA):
Conditional Insurance. Retrieved September 21, 2021, from website:

Definition Sources

Definitions for Conditional Insurance are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 15th February, 2020 | 1 Views.