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This is a provision in the life insurance contract which prohibits the insurance company from denying a claim after a certain period of time (usually 2 or 3 years). After the stated period of time, the insurer can not contest a claim based on error, concealment, or misstatement.
There is no statute of limitations on fraud. Fraud can be contestable. For instance, if you had your brother take your physical, that would be fraud. And the insurance company could then contest paying the policy claims. Otherwise, after death, it may be very difficult for the beneficiary to contest the insurance company's denial of the claim.
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