Question

W gave w's age as 50 when w purchased a life policy. at the time of w's death seven years later, the company discovered w's true age at issue had been 59. what would the normal procedure be under the misstatement of age provision in regard to the payment of the death claim?

Answer 1

Due to W giving his age as 50, when it really was 59 falls under the misstatement of age provision. Due to the person really needing to say he was 59, the premium will be reduced to the amount if it had been purchased at the age of 59. A provision in a life insurance policy refers to how the policy adjusts based on the amount it should have been if not misstated. They correct the age once the person has passed and apply that policy amount.

Answer 2

The normal procedure under the misstatement of age provision in regard to the payment of the death claim is that the procedure would be reduced based on the premium in which whatever it would have been if this has been purchased at the age of fifty nine years old.