Standard Insurance Contract Provision
Definition - What does Standard Insurance Contract Provision mean?
The standard insurance contract provision is a provision of an insurance policy that allows an insurer or any insurance company to cancel a property or a health insurance at a specific time or expiration date. The standard insurance contract provision is a legal clause or condition that requires parties to perform a certain requirement or prevent from doing something in a stipulated period of time.
Insuranceopedia explains Standard Insurance Contract Provision
A standard insurance contract provision in some ways is termed as life insurance contract provisions. These are provisions where insurance policies are needed to be followed on. The insurance provision is regulated by the state. Some examples of standard provisions found in life insurance policies are grace period, entire contract clause, misstatement of age clause, incontestable clause, policy change clause, payer benefit clause, and more.
It is crucial or critical when creating these standard provisions, since they must be in standard language providing all needed clauses, agreements, or stipulations that explains specific effect or requirement pertaining to health and accident insurance.