Which term describes conditions that must be met before a policy becomes effective?

The term that describes conditions that must be met before a policy becomes effective is "subjectivities." In the context of insurance, subjectivities refer to specific requirements or conditions outlined in a policy that must be satisfied for coverage to commence. These can include things like the completion of an application, payment of the premium, or fulfillment of certain underwriting criteria. Until these requirements are met, the insurance company is not bound to provide coverage, and the policy does not go into effect.

In contrast, exclusions refer to specific situations or events that are not covered by the policy, limitations set boundaries on the extent of coverage, and endorsements are modifications or additions made to the original policy terms. Each of these other terms describes different aspects of insurance contracts, but it is the subjectivities that specifically indicate prerequisites for the start of coverage.