Non-Contestability Clause
- Non-Contestability Clause
- 1. A provision in a person's will designed to stop beneficiaries from contesting the will. The provision states that if beneficiaries try to contest the will, their potential inheritances will be effectively redistributed to other beneficiaries.
2. A provision in a life insurance policy designed to stop life insurance companies from refusing to pay out a claim to individuals because of fraud or error.
1. Courts have traditionally been very reluctant to recognize non-contestability clauses in wills, and despite the presence of these clauses, courts have allowed wills to be contested.
2. Under the non-contestability clause in a life insurance policy, the life insurance company is given a one-time period in which it can contest a requested payout or claim.
Investment dictionary.
Academic.
2012.
Look at other dictionaries:
non-contestability clause — n. an insurance policy provision which requires the insurance company to challenge any statement in the application for the insurance within a specific time. This prevents the company from denying coverage on the basis of fraud or error in the … Law dictionary
non-contestability clause — Clause in insurance policy that precludes insurer from contesting policy on basis of fraud or mistake after a specified period of time (e.g., two years) when insured has acted thereon to his detriment by payments of premiums and foregoing other… … Black's law dictionary
non-contestability clause — Clause in insurance policy that precludes insurer from contesting policy on basis of fraud or mistake after a specified period of time (e.g., two years) when insured has acted thereon to his detriment by payments of premiums and foregoing other… … Black's law dictionary
no contest clause — Provision in a will to the effect that the legacy or devise is given on condition that no action is taken to contest the will; and if such action is initiated, the legacy or devise is forfeited. See also non contestability clause … Black's law dictionary
no contest clause — Provision in a will to the effect that the legacy or devise is given on condition that no action is taken to contest the will; and if such action is initiated, the legacy or devise is forfeited. See also non contestability clause … Black's law dictionary
List of law topics (N-R) — NOTOC Law [From Old English lagu something laid down or fixed ; legal comes from Latin legalis , from lex law , statute ( [http://www.etymonline.com/index.php?search=law searchmode=none Law] , Online Etymology Dictionary; [http://www.m… … Wikipedia
Life insurance — The foundation of life insurance is the recognition of the value of a human life and the possibility of indemnification for the loss of that value. F. C. Oviatt, Economic place of insurance and its relation to society[1] Life insurance is a… … Wikipedia
