Pre-Existing Condition
Definition of 'Pre-Existing Condition'Any personal illness or health condition that was known and existed prior to the writing and signing of an insurance contract. Health or life insurance policies will often identify a customer's pre-existing conditions before writing an insurance contract for that person, and will typically not cover pre-existing conditions until a specified period of time has elapsed. In some cases, pre-existing conditions may not be covered at all. |
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Investopedia explains 'Pre-Existing Condition'Insurance companies typically do not wish to provide insurance coverage for circumstances that are already known to exist.For example, an insurance company would not be willing to write a fire insurance contract for a homeowner if the company knew that the individual's home had already been destroyed in a fire. In the same way, an insurance company would not be willing to write a life insurance policy for an individual who was already known to be terminally ill. |
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