What is the Definition of Contestable Period?

What is the Definition of Contestable Period?

The time during which an insurer has the right to cancel or rescind an insurance policy if the application contained a material misrepresentation. (See Incontestability 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 Insurance?

What is the Definition of Contestable Period?

What is the Definition of Contestable Period?

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What is the Meaning of CATASTROPHE REINSURANCE In Insurance Terms?

Reinsurance for catastrophic losses. The insurance industry is able to absorb the multibillion dollar losses caused by natural and man-made disasters such as hurricanes, earthquakes and terrorist attacks because losses are spread among thousands of companies including catastrophe reinsurers who operate on a global basis. Insurers’ ability and willingness to sell insurance fluctuates with the availability and cost of catastrophe reinsurance. After major disasters, such as Hurricane Andrew and the World Trade Center terrorist attack, the availability of catastrophe reinsurance becomes extremely limited. Claims deplete reinsurers’ capital and, as a result, companies are more selective in the type and amount of risks they assume. In addition, with available supply limited, prices for reinsurance rise. This contributes to an overall increase in prices for property insurance.

What is the Meaning of CELLPHONE INSURANCE In Insurance Terms?

Separate insurance provided to cover cell phones for damage or theft. Policies are often sold with the cell phones themselves.

What is the Meaning of CHARTERED LIFE UNDERWRITER/CLU In Insurance Terms?

A professional designation by The American College for those who pass business examinations on insurance, investments and taxation, and have life insurance planning experience.

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