Sentences with phrase «application during the contestability period»

But if the life insurance company detects a misrepresentation in your application during the contestability period while you're still alive, it may still cancel the policy and return any premiums you've paid (minus any fees) or ask you to pay higher premiums.

Not exact matches

Contestability Period: The time period during which the insurer is can deny a claim if it finds material misrepresentations were made in the applicPeriod: The time period during which the insurer is can deny a claim if it finds material misrepresentations were made in the applicperiod during which the insurer is can deny a claim if it finds material misrepresentations were made in the application.

If the insured dies during the «contestability» period of the contract, usually the first two years of the contract's life, payment may be delayed as the insurance company checks the application to make sure there were no inaccuracies, whether intentional or inadvertent.

If an insurer finds out during the first two years of coverage (the contestability period) that you lied on an application, they can revoke your coverage.

If the insurer approves your application but then finds out about the misrepresentation during the contestability period — usually the first 2 years of the policy — it can cancel the policy and return the premiums you've paid (minus any fees).

Contestability Period: The time period during which the insurer is can deny a claim if it finds material misrepresentations were made in the applicPeriod: The time period during which the insurer is can deny a claim if it finds material misrepresentations were made in the applicperiod during which the insurer is can deny a claim if it finds material misrepresentations were made in the application.

Most policies have a contestability period of two years, during which time the insurer can cancel the policy if it discovers that you've misrepresented something on your application.

If the insurer approves your application but then finds out about the misrepresentation during the contestability period — usually the first 2 years of the policy — it can cancel the policy and return the premiums you've paid (minus any fees).

The contestability period is the one to two years after your life insurance policy goes into effect when the life insurance company is allowed to review your coverage for anything you misrepresented during the application process.

The life insurance contestability period is a two - year time frame after your policy goes into effect during which the life insurance company may investigate your application if you die.

However, after the two year contestability period, the insurance company loses the right to question or deny the policy and death claim even if they find out that the insured person lied during application.

Keep in mind that life insurance companies can still deny coverage in the event that there were fraudulent acts or information provided during the application process, even after the contestability period expires.

The initial (usually) 3 - year period of a life insurance policy is called the contestability period, as during this period suicide and misrepresentation of the information provided (e.g. smoking or heavy drinking when you stated on your application form you don't smoke or drink) can void the payment of the benefits in case of death.

Every life insurance policy contains a two - year contestability period, during which the company can deny a life insurance claim if it can show a material misrepresentation of the facts on the application.

If an insurer finds out during the first two years of coverage (the contestability period) that you lied on an application, they can revoke your coverage.

There are health questions on the application that must be answered truthfully to avoid issues if you die during the two - year contestability period.