Life Insurance Basics
What is a life insurance misrepresentation?
A life insurance misrepresentation is a false or misleading statement made in a life insurance application. Material misrepresentations can void the policy during the contestability period. Always answer application questions honestly and completely to avoid having a claim denied.
Key Points
- Misrepresentation: false or misleading statement in the application
- Material misrepresentation: can void the policy during the contestability period
- Contestability period: typically first 2 years
- Always answer application questions honestly and completely
- An independent agent can help you understand what questions to answer and how