Question

Q10. In the case of life insurance the duty of disclosure exists At the time of proposal until the risk is accepted and at the time of revival of a lapsed policy
At the time of payment of every renewal premium
From the time of proposal till the time of claim
At periodical intervals stipulated by insurers.

Answer 1

Answer:

incontestability clause is a clause in most life insurance policies that prevent the provider from voiding coverage due to a misstatement by the insured after a specific amount of time has passed. A typical incontestability clause specifies that a contract will not be voidable after two or three years due to a misstatement.

How an Incontestability Clause Works

Incontestability clauses help protect insured people from firms who may try to avoid paying benefits in the event of a claim. While this provision benefits the insured, it cannot protect against outright fraud.