Incontestable Clause
Section in a life insurance policy stating that after the policy is in force two years, the company cannot void it because of misrepresentation or concealment by the insured in obtaining the policy. For example, when asked on the application if there is a history of diabetes in the family, the applicant writes no, knowing that his or her father and mother both have diabetes. This does not void the policy after two years. However, if the age of the applicant had been understated say, to obtain a lower premium the company will recalculate the benefit according to the correct age.
Popular Insurance Terms
Section of some inland marine insurance {transportation insurance) and many other property insurance policies excluding coverage for damage to shipped goods by vermin such as rats. ...
Condition for inland marine liability insurance coverage that states a loss or claim must occur in the policy territory. Policy territory for a liability policy includes the U.S., its ...
Primary responsibility for overseeing the insurance industry that has rested with individual states since 1945, after Congress passed the MCCARRAN-FERGUSON ACT (PUBLIC LAW 15). In addition ...
Property damage, accident, or injury resulting from vagaries of nature, including tornadoes, hurricanes, and floods. ...
Life insurance policy given by a donor to a charity; donor only relinquishes the cash value and the cost of the premiums previously paid. The receiving charity's future value of the life ...
Insurance coverage for the named insured and his or her eligible dependents. ...
Coverage for goods in transit and the vehicles of transportation on waterways, land, and air. ...
Type of mortality table that is based on combined statistics from both the ultimate mortality table and the aggregate mortality table. It shows total statistics for the probability of ...
Personal property insurance that provides all-risks coverage for wedding presents, wherever they may be in the world, until they are permanently located. Because the new owners of wedding ...
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