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The statement that claims may only be contested for nonpayment of premiums after 2 years is accurate due to the principle known as the "two-year contestability period." In life insurance policies, insurance companies have a specified period (generally two years) during which they can investigate and assess the validity of a claim based on misrepresentation or fraud. After this period, the insurer generally cannot contest the validity of the policy based on the insured's statements, provided the premiums have been paid. This protects policyholders by ensuring that claims are handled fairly after the insurer has had a sufficient opportunity to verify the details surrounding the policy and the circumstances of the claim.

The other options reflect misunderstandings about life insurance policies. Claims can be contested within the contestability period, and thus assertions about claims being paid regardless of circumstances or the never-ending opportunity to contest claims are not accurate. Understanding the limitations on contesting claims is crucial for both policyholders and financial consultants, as it establishes the rules governing the reliability and security of a life insurance policy during its lifecycle.