required povisions part 3 chpt4

Incontestability Clause

A provision that protects an insurance policy from being contested by the insurer after a certain period, generally effective for the first two years.

Post-Incontestability Period

A phase after two years during which the insurer cannot contest claims based on material misrepresentation, with exceptions for age or gender.

Misstatement of Age or Gender

If the insured misrepresents their age or gender, the insurer can adjust the death benefit based on what the correct information would have provided.

Reinstatement Provision

The process of putting a lapsed insurance policy back into force, typically with conditions like proof of insurability.

Key Provisions of Life Insurance

Includes owner's rights, assignment, entire contract, insuring clause, free look period, consideration, incontestability period, and claims related to misstatement.