Question

Under what conditions can a Life Insurance policy be called into question on the ground of Fraud by the insurer, as specified in the amended Insurance Act of 1938?

a.

Anytime during the policy term

b.

Within one year of policy issuance

c.

Within three years from the date of policy issuance, commencement of risk, revival of the policy, or the rider to the policy, whichever is later

d.

Within five years from the date of policy issuance

Answer: (c).Within three years from the date of policy issuance, commencement of risk, revival of the policy, or the rider to the policy, whichever is later Explanation:A Life Insurance policy can be called into question on the ground of Fraud by the insurer within three years from the date of issuance of the policy, the date of commencement of risk, the date of revival of the policy, or the date of the rider to the policy, whichever is later, as specified in the amended Insurance Act of 1938.

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Q. Under what conditions can a Life Insurance policy be called into question on the ground of Fraud by the insurer, as specified in the amended Insurance Act of 1938?

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