What provision of a life insurance policy states that the application is part of the contract?

The entire contract provision is crucial in a life insurance policy because it ensures that all components of the policy, including the application, form a single document that reflects the mutual agreement between the insurer and the insured. By including the application as part of the contract, this provision reinforces the idea that all statements made by the applicant are considered valid and significant in the underwriting process. Thus, any misrepresentation or omission in the application can potentially affect the validity of the policy. This provision helps protect both parties by providing clarity and preventing disputes regarding what constitutes the terms of the agreement.

In contrast, the other options pertain to specific aspects of the policy that do not define the overall contractual framework. The incontestability clause relates to the insurer's limited time frame to contest a policy after it has been in force for a certain period, typically two years. The assignment clause involves the transfer of rights or benefits under the policy to another party, while the grace period provision grants the policyholder additional time to pay premiums without risk of policy lapse. None of these other provisions encompass the integration of the application into the contract as comprehensively as the entire contract provision does.