Question

if the insureds age is misstated on a life insurance policy, what will the insurer do?
options: cancel the policy; refund all premiums; adjust the benefit to what the premium would have purchased at the correct age; deny the claim
the free look provision allows the policy owner to :
options: change beneficiaries without consent; review the policy and return it for a full refund; skip premium payments; convert term to whole life
if a premium is not paid by the due date, the policy remains in force during the grace period for how long?
options: 10 days; 21 days; 30 or 31 days; 60 days

Explanation:

1. For age misstatement in life insurance, standard practice is to adjust the benefit to match what the paid premium would cover at the correct age, rather than extreme actions like canceling or denying claims outright.
2. The free look provision gives policy owners a short window to review their policy and return it for a full refund if they are unsatisfied, with no other listed options matching this rule.
3. Standard life insurance grace periods, the time a policy stays in force after a missed premium, are typically 30 or 31 days.

Answer:

1. Adjust the benefit to what the premium would have purchased at the correct age
2. Review the policy and return it for a full refund
3. 30 or 31 days