Definitions for "Contestability Period"
The time period (usually two years) at the beginning of an insurance policy during which an insurer can challenge the death claim based on material misrepresentations submitted at time of issue.
The period of time (generally two years) during which the life insurance company may challenge the validity of a life insurance contract. One area that may be contested is whether the applicant represented truthfully his or her health condition and history at the time of application.
the period in which an insurance contract can be canceled for cause by an insurer - typically two years; during this time an insurance company may investigate the information provided by the applicant on the policy.