1. Part of the Model Uniform Life and Health Insurance Policy Provisions Law giving an insurer a time limit on contesting coverage for preexisting conditions or misrepresentation. This law, developed in 1950 as model legislation by the National Association of Insurance Commissioners (NAIC), has been adopted by all states. While the model law gave insurers three years for certain defenses, such as misrepresentation of facts by an insured or nondisclosure of a preexisting condition, many states have lowered it to two years.
2. Period of time that proof of loss or claim must be filed with an insurance company.
