26/09/2022
๐ง๐ต๐ฒ ๐๐ผ๐ป๐๐ฒ๐๐๐ฎ๐ฏ๐ถ๐น๐ถ๐๐ ๐ฃ๐ฒ๐ฟ๐ถ๐ผ๐ฑ applies to ๐๐๐ ๐๐ก๐ฆ๐จ๐ฅ๐๐ก๐๐ ๐๐ข๐ ๐ฃ๐๐ก๐๐๐ฆ within the Insurance Commission's regulations.
The rule of contestability period is bounded by Philippine law and is officially recognized by the Insurance Commission, our government's designated regulatory body tasked with protecting the rights of both policyholders and the company. The contestability period is usually within the first two years of the policy's approval or issuance.
During these years, all insurance companies have the right to investigate and check the policyholder's past medical history, including but not limited to past Annual Physical Exams, past medical check-ups and hospital admissions, PhilHealth and Health Card/HMO usage, and so on, to confirm the legitimacy of the claim.
They may even deny the claim if there are any possible undeclared medical findings or health declaration concealment. They are permitted to do so for the first two years in order to protect the company from fraud.
This is also discussed by the financial advisor or insurance agent during their proposal and before the client signs.
To know more about contestability period, message us or your financial advisor.
