Misstatement Of Age

Contract » Insurance Contract » Contractual Protection » Misstatement Of Age

An insurer cannot terminate an insurance contract for a mistake or misrepresentation of the age the life insured — even if intentional. Instead, the insurer recalculates the policy benefits based on the correct age and the premiums paid.

e.g., death benefit multiplied by (premium charged)/(correct premium)

(1)

$Correct Death Benefit = \frac{Premium Charged} {Correct Premium} \times Original Death Benefit$

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