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Misstatement of age provision
Life
insurance policy wording that specifies the action
the insurer will take if, at the insured's death,
the insurer discovers that the insured's age was
misstated in the application and the misstatement
has resulted in an incorrect premium for the amount
of insurance purchased. In an individual life insurance
policy, this provision specifies that the policy's
benefit amount will be adjusted. In a group insurance
policy, this provision generally specifies that
the policy's premium amount will be adjusted. |
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