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Question
Incontestability, consideration and payment of premiums are examples of policy (A) Considerations. (B) Riders. (C) Nonforfeiture options. (D) Provisions.

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Kent

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Answer

D) Provisions

Explanation

Policy provisions are the specific terms and conditions outlined in an insurance policy that dictate the rights and obligations of both the insured and the insurer. Incontestability refers to a provision that limits the time within which an insurer can contest the validity of a policy based on misrepresentation or concealment by the insured. Consideration is the exchange of something of value between the parties to a contract, which is a fundamental characteristic of a valid insurance policy. Payment of premiums is the regular financial contribution made by the insured to the insurer in exchange for coverage. These provisions are essential components of an insurance policy and outline the responsibilities and entitlements of both parties involved.

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