Business, Legal & Accounting Glossary
A provision in a life insurance policy that prevents the insurer from revoking coverage because of alleged misstatements by the insured after a specified period, usually about two years. Of course, this is not a license to commit fraud, and the discovery of fraud will lead the company to contest any claims and possibly pursue criminal charges.
The incontestability clause was not good and I thought that it had no reason for existing in our everyday work.
You should try and get an incontestability clause if you think that will make things better for you in the future.
After my mother died and we received a large life insurance payment, I became suspicious of my brother after I overheard him discussing the incontestability clause with his lawyer.
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This glossary post was last updated: 5th November, 2021 | 0 Views.