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Simple English definitions for legal terms
incontestability clause
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A quick definition of incontestability clause:
An incontestability clause is a rule in an insurance policy, usually found in life insurance, that says the insurance company cannot argue that the policy is invalid because of fraud or mistake after a certain amount of time has passed (usually one or two years). The only exceptions are if the insured person doesn't pay their premiums or breaks the policy rules related to military service. Some states also require this rule for accident and sickness insurance policies.
A more thorough explanation:
An incontestability clause is a provision found in insurance policies, particularly in life insurance policies. This clause prevents the insurer from disputing the validity of the policy after a specified period, usually one or two years, on the basis of fraud or mistake. It means that the insurer cannot deny the claim made by the policyholder after the specified period has passed.
For instance, suppose a person buys a life insurance policy and dies within two years of purchasing the policy. In that case, the insurer cannot deny the claim made by the beneficiary on the grounds of fraud or mistake. However, if the policyholder stops paying premiums or violates policy conditions relating to military service, the insurer can deny the claim.
Most states require that a life insurance policy contain an incontestability clause after it has been in effect for a specified period. Some states also require similar provisions in accident and sickness policies.
In summary, an incontestability clause is a provision that protects the policyholder from the insurer's denial of the claim after a specified period, except for non-payment of premiums or violation of policy conditions.