Sentences with phrase «misstatements on your insurance application»
You can not knowingly make misstatements on your insurance application.
https://www.lifeinsurance.org/ Not exact matches
After the contestability period has passed, even if there were errors or deliberate misstatements on the application, the insurance company can no longer contest the application and must pay out the death benefit.
This means that you can not knowingly make misstatements on your application and if you do, the life insurance company has up to 2 years to dispute such statements.
Contestable Clause All insurance companies have a period of two years from the policy issue date during which statements made on the application can be challenged for misstatement should death occur within that period.
This essentially says that, after the contestability period has ended, a company can not avoid paying out life insurance benefits by contesting misstatements made on an application.
This means that you can not knowingly make misstatements on your application and if you do, the life insurance company has up to 2 years to dispute such statements.
The incontestability clause states that if the policy holder made false or misstatements on the policy application and dies within the first two years, the insurance company may decline to pay the death benefits.
All insurance companies have a period of two years from the policy issue date during which statements made on the application can be challenged for misstatement should death occur within that period.
Misstatement of Age Clause — This clause states that if the policyowner lied about their age on their application, the insurance company has the right to increase premiums or adjust the policy amount, or terminate the policy entirely.
Incontestable clause: In life insurance, a contract clause which provides that for certain reasons, such as misstatements on the application, the company may not contest payment of benefits (assuming premiums have been paid) and the policy has been in force during the lifetime of the insured for a certain period, usually two years after issue.