Insurance Rescission
Define Life Insurance Rescission:
It is a legal term that refers to the cancellation of an insurance policy by the insurance company even after the holder starts paying the premium amount.
Why on earth, an insurance company uses this procedure? Well! Most insurance companies are forced to use this power when they found out about misinterpreting, lying or concealing information about the policy that directly affects the outcome of the policy. However, it is important here to note that the information provided by the insurance company should be vital and crucial enough to rescind the policy. For example, concealing information about tobacco usage of the can be seen as the sufficient information responsible enough to cancel the policy. Most people use such things because they are sure that while buying the policy, their requests would be rejected or worked out at higher premium amount. As a result, they just hide the facts and get the policy illegally.
Mainly, there are two important ways to avoid life insurance rescission:
Try to understand the thin line between a warranty and a representation. A warranty is something you reveal in your application form and takes its complete guarantee. However, a representation is the actual state in your form that plays a crucial role while making a contract. So, if any of the claims proves to be wrong or untrue, the insurance company has all the rights to nullify the contract at any point of time. Hence, it is important to reveal the real information that matter most for your contract.
Insurance Rescission
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