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Report No. 112

4.3. The Position in the U.S.-

In the United States, the method employed is to have 'incontestable clauses' in the policy. In some States they are imposed by statute. The effect of these clauses is that after a certain period, the policy cannot be contested and a claim cannot be challenged on any ground of error or misstatement. If death takes place during the contestable period, any claim based on the policy can be challenged on the grounds of error or mis-statement at any time, so that, the insurer's right to repudiate does not depend upon the time when the repudiation is made.

Section 45 of the Insurance Act, 1938 Back

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