3.9.12 The Misstatement of Age or Sex Provision
The misstatement of age or sex provision was not designed to exclude payment of the policy's proceeds if the insured's age or sex was stated incorrectly on the original application. It is designed to enable the insurer to make the adjustment between the death benefit at the misstated rate and what the death benefit should have been if the age and/or sex had not been misstated. Since a life insurance policy's premiums are based largely on age and sex, if the policyowner had been paying lower premium rates (based on incorrect information), the policy's proceeds would need to be adjusted accordingly. The difference between what the individual should have been paying and what was actually paid would be deducted from the death benefit to be paid to the beneficiary.
1 |
Section 3.9 ReviewThe free look provision for life insurance policies is ____ days from policy delivery. |
2 |
For life insurance policies for which the premiums are paid monthly, the grace period is: |
3 |
Florida law requires an additional lapse notice be sent for individual life contracts that have been in force for at least one year and that cover persons: |
4 |
A new suicide exclusion goes into effect when a policy is reinstated. |
5 |
Florida law restricts an insurance company from charging a fixed rate higher than _____ annually on policy loans. |
6 |
The incontestable clause is typically ______ years. |
7 |
Under the accelerated death benefits provision, usually up to ______ of the policy's face value can be withdrawn. |
8 |
The suicide provision typically stipulates a ________ period of time in which the policy's death benefit will not be paid if the insured commits suicide. |
