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
Coverage in which premiums do not increase or decrease for as long as the policy remains in force. In the early years of a policy, the premiums are greater than is necessary to pay ...
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Same as term Coinsurance: ...
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Death without a will having been drawn. Under this circumstance, the court follows state law in deciding how the estate of the deceased is to be distributed. ...
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