The insurance company is legally obligated to abide the terms of the policy, which was offered by the insurer and accepted by the customer. Certain exceptions apply. Usually, a contestable period of one or two years exists as a clause in the policy. If the insurer discovers that the policyholder has provided substantially false information, then the company can cancel the policy and return the customer’s premiums. The policy also would not cover the death of the policyholder, due to suicide during the same one to two year period. These exceptions are designed to protect both the insurance company and honest policyholders from fraud and misrepresentation.