Life Insurance Contestability Period Remains Steadfast In NY

By John Vales and Stephen Della Fera (July 6, 2018, 2:27 PM EDT) -- In New York, as in nearly all states, state law directs insurers to include a provision in their life insurance policies making them incontestable two years after issuance. During the contestability period, insurers may challenge the validity of a policy, including on the grounds that it was procured by materially false statement(s) in the application process. In New York and most other jurisdictions, however, once the contestability period expires, the insurer may no longer successfully mount challenges to the policy's validity; the law requires policy enforcement, save for very limited exceptions, such as nonpayment of the annual policy premium....

Law360 is on it, so you are, too.

A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence. Over 200 articles are published daily across more than 60 topics, industries, practice areas and jurisdictions.

A Law360 subscription includes features such as