What occurs if an insured's age or sex is misstated on an application?

When an insured's age or sex is misstated on an insurance application, the appropriate response is to adjust the benefits based on the correct premiums. This approach is standard within the insurance industry, as it acknowledges that insurance premiums are often based on the insured’s age and sex, which can significantly affect the insured’s risk profile and, thus, the pricing of the policy.

If incorrect information is discovered, the insurance company will typically retroactively adjust the policy, rather than voiding it entirely. This means recalculating the premiums and benefits to reflect what they would have been if the correct age or sex had been provided from the outset. For instance, if the actual age of the insured is older than what was stated, premiums would be adjusted upwards, and benefits might be reduced accordingly.

This approach ensures that the insured receives coverage that accurately aligns with the risk associated with their actual profile, while also maintaining the integrity of the insurance contract.