$2$ The Incontestability clause typically found in life insurance policies essentially means that:

The insurance company cannot dispute the validity of the contract after it has been in place for a specified number of years, usually $2$ years.

The insurance company cannot contest payout within the first two years of a new policy, even if fraud is clearly apparent.

The insurange company cannot contest the transfer of the policy into the contingent beneficiary's name.

The insurance company can contest payment where there is a suicide within the first $3$ years of a new policy.

The insurance company cannot cancel the policy within the first $2$ years just because the premium payment is late for up to $31$ days.