Time Limit
- part of the Model Uniform Life and Health Insurance Policy Provisions Law giving an insurer a time limit on contesting coverage for preexisting conditions or misrepresentation. This law, developed in 1950 as model legislation by the NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS (NAIC), has been adopted by all states. While the model law gave insurers three years for certaindefenses, such as misrepresentation of facts by an insured or nondisclosure of a preexisting condition, many states have loweredit to two years.
- period of time that proof of loss or claim must be filed with an insurance company.
Popular Insurance Terms
Factors on the application that must be evaluated in order to complete the underwriting process: age; sex; physical condition; personal health history; family health history; financial ...
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Policy designed to act as a supplement to Medicare. The supplementation is in the form of additional benefits to that provided by Medicare. The additional benefits are in the form of ...
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