Insurance Licensing Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Virginia-Life-Annuities-and-Health-Insurance Question # 112 Topic 12 Discussion
Insurance Licensing Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Virginia-Life-Annuities-and-Health-Insurance Question # 112 Topic 12 Discussion
The misstatement of age provision adjusts benefits to reflect the correct age at which premiums should have been paid. The insurer does not void or cancel the policy; instead, it adjusts the coverage to the amount the paid premium would have purchased at the correct age.
Exact Extract (Virginia Uniform Policy Provisions): “In the event of misstatement of age, benefits payable under the policy shall be adjusted to the amount the premium would have purchased at the correct age.”
References (Virginia Documents / Study Guide):
— Code of Virginia §38.2-3514 (Uniform individual accident and sickness policy provisions – Misstatement of age)
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