GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A life insurance and annuity provision limiting the time within which the insurer has the legal right to void the contract on grounds of material misrepresentation in the policy application is termed
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Incontestability Provision
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Level Premium Insurance
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Hold-Harmless Agreement
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Limited Payment Life Insurance
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Explanation:
Detailed explanation-1: -1101.006. INCONTESTABILITY. (a) Except as provided by Subsection (b), a life insurance policy must provide that a policy in force for two years from its date of issue during the lifetime of the insured is incontestable, except for nonpayment of premiums.
Detailed explanation-2: -Whole life insurance lasts for an insured’s lifetime, as opposed to term life insurance, which is for a specific amount of years. Whole life insurance is paid out to a beneficiary or beneficiaries upon the insured’s death, provided the policy was in force.
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