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An individual health insurance policy may have a defined contestability period, so if the insured person becomes seriously ill during that time the health insurance carrier may check for any fraud or deception in the person’s application and medical history. This is intended to protect the carrier from individuals who may buy health insurance policies knowing they are in poor health and who may be misrepresenting themselves during the application process.
- Browse Related Terms: Business Day, Calendar Day, Contestability, Grace Period, Mandated benefit, Mandated Health Benefit, Plan Year, Policy Year, Waiting Period