An insurer is prohibited from contesting any claim on a life insurance policy after the annual premiums have been paid for two years.
Life insurance is a legal agreement between the owner of an insurance policy and an insurer, sometimes known as a "assurer," whereby the insurer guarantees to pay a specific beneficiary a certain amount of money in the event that the owner of the insurance dies. Other circumstances, such critical illness or terminal disease, may also result in payment, depending on the terms of the contract.
The annualized premium is the sum of all premium payments made each year. Any insurance contract comes with a variety of ways to pay the cost. Premium payments can be made every month, every quarter, every two years, or every year.
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