Simple English definitions for legal terms
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Definition: Evidence of insurability is information that an insurance company may ask for to determine if someone is eligible for a specific insurance policy. This information can include medical records or a medical exam.
Definition: Evidence of insurability refers to information that an insurance company may require from a potential policyholder to determine if they qualify for a particular insurance policy. This information may include medical records or a medical examination.
Examples:
These examples illustrate how evidence of insurability is used by insurance companies to assess the risk of insuring a potential policyholder. By reviewing medical records or conducting a medical examination, the insurance company can determine if the applicant is a high or low risk and adjust the policy premiums accordingly.