Misstatement of age provision

{
  "id": "MLC-T-INS-002206",
  "term": "Misstatement of age provision",
  "field": "Insurance and risk management",
  "definition": "A standard clause in life and health insurance policies that allows the insurer to adjust benefits if the insured's age was incorrectly stated on the application. If the age was understated, the death benefit is reduced to the amount the premium would have purchased at the correct age. If the age was overstated, the insurer refunds the excess premium paid.",
  "url": "https://mlchart.com/terminology/insurance/misstatement-of-age-provision/"
}