Sentences with phrase «misrepresentation during the contestability period»

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).

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).

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.

Most policies have a 2 - year contestability period, which means during the first two years after buying life insurance, if it is found your insurance policy was issued under misrepresentation, withholding of information by the insured or the owner, or similar reasons, the insurance company can declare your insurance policy and any associated riders void.

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.

Sure, it adds a little time, but the contestability period for life insurance — the period during which the insurer can cancel your policy if they find any misrepresentations — is typically two years.

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.

If you die during the contestability period and your misrepresentations come to light, then the life insurance company may cancel the policy, refuse to pay the death benefit, or subtract money from the death benefit based on the amount of premiums you should have paid.

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.