Exam term
Incontestability
A standard policy provision that bars the insurer from contesting or voiding a life policy for misstatements in the application after the policy has been in force for a specified period, typically two years.
Lessons that use this term
- Life policy classifications: group versus individual, permanent versus term, participating versus nonparticipating New York
- Dividends, incontestability, assignment, suicide, and accelerated death benefits New York
- Policy exclusions: war, aviation, and dangerous occupation New York
- New York required life policy provisions: misstatement of age, statements of the applicant, and proof of death (Ins. Law 3203-3204) New York
- Waiver, guaranteed-insurability, payor, and accidental-death riders New York
- New York required annuity contract provisions (Ins. Law 3219, 4220, 4223) New York
- Interest- and market-sensitive life products Texas
- Individual life policy provisions, free look, and grace period Texas