Definition from Nolo’s Plain-English Law Dictionary
An insurance policy provision that requires an insurance company to challenge a statement made in an application for the insurance within a specific time. Thus an insurer cannot deny coverage on the basis of fraud or error if the insurer finds the allegedly fraudulent statement or error after that period of time has ended.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:20 pm