A non-contestability clause is a provision commonly found in insurance contracts, particularly life insurance policies. This clause stipulates that after a certain period, typically two years from the policy’s effective date, the insurer cannot contest the validity of the policy for reasons other than non-payment of premiums. In other words, once this period, known as the contestability period, expires, the insurance company cannot challenge the policy’s validity based on misrepresentation or concealment of information by the policyholder. The purpose of the non-contestability clause is to provide greater certainty and protection for policyholders after an initial period, ensuring that their coverage remains secure as long as premiums are paid.
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This glossary post was last updated: 29th March 2024.
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