Misstatement of age clause

A part of the rating in a life insurance contract is determined by age.

If the age of the insured under the life insurance contract is determined to have been misstated there will be an adjustment to the premium to the amount required based on the corrected age. If the difference increases the premium then it shall be paid by the insured upon notice from the insurer as to the amount due. If the change in age results in decreased premium, the insurer shall refund to the insured the difference.

The correct age is very important in a life insurance contract and should be corrected if there has been an error.

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