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Common exclusions found in life insurance policies

Florida residents and others looking to purchase life insurance should understand that policies are binding contracts. Therefore, they may contain exclusions or exceptions that buyers need to look for prior to making a purchase. The exclusions or loopholes included in a life insurance policy are there to ensure that insurance companies can keep potential losses to a minimum. They may also be included to allow insurance companies to offer lower premiums compared to their competition.

Typically, exclusions will be added to deny coverage for those who were under the influence of drugs or alcohol at the time of an injury or death. In some cases, a claim could be denied just because a person drank alcohol even if it didn't directly result in a person's death. Insurance companies may also choose to deny coverage to those who were killed while committing a crime or engaging in any other illegal activity.

Anyone who misrepresents their age or withholds the presence of a medical condition could have a policy revoked. It may also be grounds for a claim to be denied. Many policies include a contestability clause that allows policies to be revoked for up to two years even if a claim has already been filed. A material misrepresentation clause in an insurance policy can remain there permanently.

Those who have their life insurance claims denied may have the right to appeal that decision. This may make it possible to learn about the specific reason or reasons why it happened. If an insurance company can't provide a valid explanation for a denial, a policyholder could take legal action to get money that he or she could be entitled to. An attorney may review a policy or take other steps to help a person obtain a favorable outcome.

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