A stipulation that limits the time the insurer has to dispute the information provided in the policy contract. This clause usually takes effect two or three years after the policy begins. In health insurance, this clause further states that claims cannot be denied due to a preexisting condition, except for those expressly named in the contract. In life insurance, this clause further states that a death benefit cannot be denied due to misrepresentation by the insured of their health condition at the time he or she took the policy out.