The Investigation Of Incontestability Clauses In New Insurance Law

Incontestability clause is a special clause in life insurance contract. Because of itspowerful function of appreciating value, many countries have enacted regulationson this, and it has been a custom in practice. In the new“insurance law”,thelegislators take many measures to enhance the protection of the right of consumers.One of the measures is to introduce the Incontestability clauses. Incontestabilityclauses limit the insurer’s right of confronting,protect the right of the interests of theinsured party. Moreover, it reflects the balance of profits of the two parties of lifeinsurance, which helps to promote the trust between them. This essay comprises offour sections:The first section is about introduction to Incontestability clauses. In this part,firstly, the essay introduces the Duty of disclosure, in order to educe the intensionand function of Incontestability clauses. Secondly, the essay will labor Incontestabilityclauses, including the incontestable period, the status of insurant, the effectiveness ofthe clause. Thirdly, this text will list and analyze the lawmaking conduction ofIncontestability clauses in some countries.The second section is about the Legal basis of Incontestability clauses. Firstly,the article will recall the historical process of Incontestability clauses. Then, this testwill analyze the great value of the protection of the stabilization and equitableness ofthe insurance contract. Finally, we will analyze the social foundation of the clausethough an idiographic case.The third part is about the legislative situation of Incontestability clauses in ourcountry. This text will introduce the course of the Legal system’s inclusion. Then, thearticle will lucubrate the the legislative situation of Incontestability clauses, includingthe applicable scope, the incontestable period and so on.The fourth section is about the improvement of Incontestability clauses in ourcountry’s insurance law. The mainly defect includes applicable scope too wide,contestable period too brief, not providing the necessary exceptions. Meanwhile, Theauthor puts forward some relative legislative opinions and suggestions, hoping thatthis system will be more fit to the current of our country insurance market practice.