Policy stipulation that states conditions under which the insurance contract may be contested or voided such as misrepresentation in an insurance application, fraud, or material misstatement.
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A provision in an insurance policy setting forth the conditions under which or the period of time during which the insurer may contest or void the policy. After that time has lapsed, normally two years, the policy cannot be contested.

Time frame of usually 2 years in which an insurance company may investigate the validity of a life insurance application and cancel the policy.
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Also known as an “incontestable clause” it is the period (usually after 2 years) that a life, disability, or health insurer cannot void the contract even if the insured obtained the coverage through fraud or misrepresentation.For example, suppose an insured states that he does not use tobacco when applying for a life insurance policy when he does, in fact, smoke a pack of cigarettes a day. If he dies within the first 2 years, the insurance company can deny the claim because of the misrepresentation. (Premiums paid would be returned). However, after 2 years, the company cannot void the contract even if it finds out about the lie. (See Suicide Clause).

1. In a medical problem, an entire situation, interrelated condition, environment, or other factors pertaining to a particular event. 2. Part of a sentence or paragraph that surrounds a specified word or passage and determines its exact meaning such as to quote a remark out of context.

Ability of an individual to control bowel and bladder functions and maintain a reasonable level of personal hygiene. Also see activities of daily living (ADLs).

Events that may or may not happen. Insurance companies base their premium rates and acceptability of risks on the probability that certain contingencies will or will not occur.

MEDICAL,USA: 1. Event that may or may not occur. 2. Funds included in the trust fund to serve as a cushion in case actual expenditures are higher than those projected at the time financing was established. Because the financing is set prospectively, actual experience may be different from the estimates used in setting the financing. Also see contingency fee.
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An occurrence that may or may not take place within a certain time frame.
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UK: An uncertain event.
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An unforeseen occurrence:

Fee for an attorney’s services only if the plaintiff’s (patient’s) lawsuit is successful or is favorably settled out of court. The fee is calculated as a percentage of the client’s net recovery (e.g., 25% of the recovery if the case is settled and 35% if the case is won at trial). If no settlement, the attorney is not paid. Also called contingent fee, contingency, or conditional fee.

Amount included in the actuarial rates to provide for changes in the contingency level in the trust fund. Positive margins increase the contingency level and negative margins decrease it.

MEDICAL,USA: Person or persons named in a life insurance policy to receive the proceeds in the event the original or primary beneficiary should die before the person whose life is insured. Also called alternate beneficiary, secondary beneficiary, or successor beneficiary.
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Person or persons named to receive proceeds in case the original beneficiary is not alive. An individual who is entitled to benefits only after the death of a primary beneficiary.
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This is the second person to receive benefits if the primary beneficiary is not alive or does not collect all available benefits from a life insurance policy or annuity. For example, a husband may name his wife as primary beneficiary on his life insurance policy and, if his wife predeceases him, his children as second or contingent beneficiaries. (See Beneficiary).