New York State Life Insurance Exam Questions Practice Question
How long is the contestable period for a life insurance policy?
Correct Answer: B
Rationale: The contestable period for a life insurance policy typically lasts for 2 years. During this time, the insurer can investigate and deny claims based on misrepresentations or omissions in the application.
Option A (1 year) is incorrect as it does not provide sufficient time for insurers to evaluate the accuracy of the application. Option C (4 years) exceeds the standard period, which could disadvantage policyholders by extending the insurer's ability to contest claims. Option D (10 years) is also incorrect, as it far exceeds the typical contestable timeframe, leading to unnecessary uncertainty for policyholders.
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