Final answer:
Under Indiana Law, health insurance applications can be contested by the insurance company during a period called the contestability period, often around two years, where the insurer may cancel the policy if misrepresentations are discovered.
Step-by-step explanation:
Under Indiana Law, statements made by an applicant on a health insurance policy can be contested by the insurance company for a certain period, known as the contestability period.
Historically, this period tends to be around two years for most states, however, the specific duration can vary by state law and the terms of the insurance policy itself. During this contestability period, an insurance company has the right to review an application and cancel coverage if they find material misrepresentations or omissions made by the applicant.
After this period has elapsed, policies often become incontestable, meaning that the insurer cannot cancel the policy for statements in the application, provided the policyholder has paid the necessary premiums.