What condition must be met at the time the policy is purchased?

When a policy is purchased, it is essential for the applicant to complete an application and make the required premium payment. This process is a fundamental part of obtaining insurance coverage. The application provides the insurer with necessary information about the applicant and the property, which allows the insurer to assess risk and determine the appropriate coverage and premium amount. Additionally, paying the premium is crucial as it activates the policy and ensures that the coverage is in effect.

The presence of a proof of loss is not required at the time of purchase; it pertains to the claims process after a loss has occurred. A valid claim also pertains to the claims process, not to the purchase or initiation of a policy. Lastly, a market appraisal of the property, while sometimes relevant for specific types of insurance or underwriting practices, is not a prerequisite for the actual purchase of an insurance policy. Thus, the combination of submitting an application and paying the premium is what allows the policy to be issued and enforceable from the moment of purchase.