Is it true that a life insurance company’s underwriting department has 60 days to cancel or rescind a policy otherwise it becomes permanent?

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Is it true that a life insurance company’s underwriting department has 60 days to cancel or rescind a policy otherwise it becomes permanent?

Assuming that the policy premium is being paid, etc.

Asked on May 1, 2011 under Insurance Law, Connecticut

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

The law regarding the right of rescission varies from state to state and the reasons vary as well.  But the right of an insurance company to rescind does indeed exist and for many reasons.  If, say the medical information that the insured provides is found to be untrue or they lied in any way on the application as to their medical condition an insurer would be able to rescind the policy.  The time to rescind will vary given the circumstances and the state law.  I would suggest that you call your state Department of Insurance and speak with a customer service agent regarding the law in Connecticut. They have all that information at their fingertips. Good luck.  


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