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Question 4 of 13 in The Life Insurance Contract |
Can a company void my policy if I lie or make a mistake in completing the application? |
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If you make an important mistake such as neglecting to tell the company about a major health problem which could have led the company to deny you insurance, the insurance company has to discover the mistake during the “contestable period” specified in the policy. If they fail to do so, then you can have confidence that your policy will be honored – and the company cannot cancel it.
If an error that would not have led to denial of coverage is discovered (often at the time of death) such as misstatement of age or sex, the company would normally adjust the amount of coverage to coincide with the correct age or sex. |
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