Finance Quick Answers
What is a period of contestability on a life insurance policy?
A period of contestability is specified as a rider to a life insurance policy. It limits the amount of time that the company has to contest the basis on which they issued the policy. If you provide inaccurate information, in other words, the company has a limited time period to contest it and cancel the policy because of it.
Brenda Procter, M.S., Consumer and Family Economics, College of Human Environmental Sciences, University of Missouri-Columbia
If you'd like to learn more about this and other personal finance topics, the University of Missouri offers 'Personal & Family Finance,' a correspondence course, through the Center for Distance and Independent Study (800-609-3727). Information about this course is available at http://cdis.missouri.edu/CourseInfo/DetailCourseInfo.asp?1985.
Last update: Monday, July 21, 2008