What is the definition of Incontestability Provision?

The Incontestability Provision states that when the contestable period has passed, the insurance company cannot revoke the policy, even if it discovers that the policyholder concealed key information from the company when the policyholder applied for the insurance.

There is a contestable period where the insurance company has the right to cancel the policy when it discovers fraud or misrepresentation on the part of the insured person. The insurance company may also refuse payment on claims during this period.

However, when the insurance company discovers that the insured person misrepresented his age and he dies after the incontestability provision, the death benefit of the policy will be adjusted according to the insured person's true age.

• Insolvency
• Misstatement of Age or Sex Provision
• Modified Premium Policies
• Moral Hazard
• Comprehensive Coverage