AFK Assessment Of Fundamental Knowledge Exam

In life insurance, what is the 'incontestability clause'?

A provision preventing the insurer from raising premiums A clause that prevents the insurer from denying a claim based on misrepresentation after a specified period (usually 2 years) A rule requiring policyholders to submit claims within 30 days A guarantee that premiums will not increase during the policy term

Correct Answer:

A clause that prevents the insurer from denying a claim based on misrepresentation after a specified period (usually 2 years)

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