When both the policy owner and the insurer must meet certain conditions for the health insurance policy to be enforceable, this is known as a(n):

The correct choice is identified as a Conditional Contract. In the context of health insurance policies, a conditional contract is one where the obligations of both the policy owner and the insurer are dependent upon certain conditions being met. This means that the insurer agrees to provide benefits under specific circumstances, such as the occurrence of a covered event (like illness or injury), and the policyholder must also fulfill specific requirements, such as paying premiums or providing accurate information regarding their health status.

This mutual dependency is what distinguishes conditional contracts from other types. In a unilateral contract, only one party (the insurer) has enforceable obligations, which is not the case here since both parties must meet their stipulated conditions for the contract to be valid. A mutual agreement generally refers to a broader concept of parties coming to a consensus but does not specify the particular conditional nature pertaining to insurance policies. Likewise, a contingent agreement lacks the formal structure of a conditional contract as recognized in insurance contexts, focusing more on specific terms rather than the mutual conditions tied to enforceability. Hence, understanding the specific terminology related to health insurance agreements clarifies why a Conditional Contract is the accurate designation in this scenario.