Incontestability clause

Definition:

Clause in a life insurance contract preventing the insurer from revoking the policy after it has been in force for a year or two. If the life insurance company discovers any important facts that the policyholder may have concealed, such as experiencing a stroke, within that period, the insurer could revoke the policy.

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Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

Term of the Day

Statistical inference

A statistical method of drawing conclusions on unknown properties of a population based on a random sampling of data from that population.

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