Prohibits an insurer from canceling a life or disability contract, except for failure to receive premium payments

A life insurance contract provision which states that after the policy has been in force for a specified period of time (usually two years), the company cannot rescind or deny a claim based on a material misrepresentation in the application.

Same as Indisputability clause.

A clause in an insurance contract that provides the company may not void the policy after it has been in force more than the specified period, usually two years after issue. The policy may be voided only under certain conditions (for example, a misstatement in the application).