New York state tightens life contestability period rules
January 31, 2017 by Allison Bell
Insurers in New York state should not count on life policy beneficiaries sending them the dead insureds’ medical records, even during a policy contestability period.
Officials at the New York State Department of Financial Services make that point in a new circular letter about life insurance policy claim settlement practices.
Life insurance regulations typically give insurers much more freedom than usual to reject a life insurance death claim, based on evidence that the policy purchaser may have lied or left out important information, during the first two years after a new policy takes effect.
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