Life insurers have the right to cancel policies in the following situations:
Withholding information: if the insured withholds important facts or knowingly provides false information about his health, financial situation or other significant circumstances when purchasing the policy, the insurer has the right to cancel the policy;
Insolvency: if the insured does not pay premiums within a certain period of time and does not fulfill their obligation to pay insurance premiums, the insurer may cancel the policy;
Swindling or fraud: if it is discovered that the insured person has committed fraud in connection with a life insurance policy, the insurer may decide to cancel the policy;
Non-compliance with the terms of the policy: if the insured does not comply with the terms stipulated by the policy, for example, related to mandatory medical examinations or other requirements, the insurer may cancel the policy.
The article informed that the beneficiary hid important information from the insurer, so he was rightfully denied payment, as the company canceled the policy.
Photos are from open sources.
