Policies may be voided after the contestable period has expired.  There is a common myth that once a policy’s contestable period has expired, there is nothing an insurance company can do to void the policy if fraud is found.  While it is certainly true that the threshold of proof required to void a policy outside the contestable period is higher than rescinding a policy for material misrepresentation, the expiration of the contestable period does not bar action against fraudulent activity.

Synthetic persons, forged documents, bribery, murder, wire fraud and identity takeovers are just some of the fraud crimes besetting the life and health insurance industry.​

​If you want to test your knowledge about VA compensation, ask yourself this question: What does the acronym “VA” mean.
 
If you said Veterans Administration, you are wrong. “VA” refers the Department of Veterans Affairs. This is a tell-tale way to know whether the person you are talking to is knowledgeable on the subject. If they refer to the VA as the Veterans Administration, then I would suggest taking their comments with a grain of salt.

​As professionals working in the insurance industry, we have seen firsthand how outdated or unclear beneficiary designations can create unnecessary delays in claim processing, disputes, legal costs, and hardship for families during an already difficult time.