What is the Definition of Incontestability Provision?
An insurance and annuity policy provision that limits the time within which an insurer has the right to avoid the contract on the ground of material misrepresentation in the application for the policy. Also known as incontestable clause. (See Contestable period; Time limit on certain defenses provision)
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Annuity?
What is the Definition of Incontestability Provision?
You can find random definition and meaning of insurance terms below:
Meaning of Interest-Adjusted Cost Comparison Index in Insurance Terms
A cost comparison index used to compare life insurance policy costs that takes into account the time value of money. By comparing the index numbers derived for similar life insurance policies, a consumer has some basis on which to compare the costs of the policies. (See Net payment cost comparison index; Surrender cost comparison index)
Meaning of Interest-Sensitive Insurance in Insurance Terms
A general category of insurance products in which the face amount and/or the cash value vary according to the insurer’s investment earnings.
Meaning of Intermediation in Insurance Terms
The process of bringing savers, investors and borrowers together so that savers and investors can obtain a return on their money and borrowers can use the money to finance their purchases or projects through loans.
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