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
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Professional designation conferred by the International Foundation of Employee Benefit Plans and the Wharton School of the University of Pennsylvania. In addition to professional business ...
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Record of losses, whether or not insured. This record is used in predicting future losses and in developing premium rates based on expectation of insured losses. ...
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