Answer:
The statement "A life insurance policy, by law, can have no incontestability clauses" is False.
Step-by-step explanation:
Incontestability clauses are provisions found in many life insurance policies that limit the time during which an insurer can challenge the validity of a policy based on misrepresentations made by the policyholder. Typically, these clauses state that after a certain period of time (usually two years), the policy is considered valid and cannot be contested by the insurer on the basis of misrepresentations made by the policyholder.
Incontestability clauses are not only legal, but they are also required by law in most states in the US. These clauses protect policyholders by providing them with greater certainty and security that their life insurance policy will be honored and paid out in the event of their death.
Therefore, the statement "A life insurance policy, by law, can have no incontestability clauses" is False.