State RegulationsIL specificDifficulty 1/5
Under 215 ILCS 5/224, after what maximum period from the policy date may an Illinois individual life policy no longer be contested because of misstatements in the application?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
215 ILCS 5/224(1)(c) makes an individual life policy incontestable after a period of no more than 2 years from the policy date. After that window the insurer cannot void coverage for application misstatements, subject to the statute's own carve-outs such as non-payment of premium. The Illinois Department of Insurance form-review checklists reinforce the 2-year maximum.
Why the other options are wrong
- A) 1 year understates the statutory ceiling and would cut the insurer's contestable window below what 215 ILCS 5/224(1)(c) allows.
- C) 3 years is the reinstatement window after premium default under 215 ILCS 5/224, not the incontestability limit.
- D) 5 years overstates the limit; Illinois caps the contestable period at 2 years from policy date.
Memory hook
Two years to contest, then the policy stands — except for unpaid premium.