Florida Life and Health Insurance License Practice Test

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Under the Misstatement of Age provision, what adjustment is made if the insurer discovers the insured had understated their age?

  1. Cancellation of the policy

  2. Increase in premium rates

  3. Adjust the death benefit to a reduced amount

  4. No changes to the policy

The correct answer is: Adjust the death benefit to a reduced amount

The Misstatement of Age provision allows for an adjustment to the death benefit if it is discovered that the insured had understated their age. This is to ensure that the correct amount is paid out to the beneficiary upon the insured's death. Options A and B, cancellation of the policy and increase in premium rates, are incorrect because this provision only applies to the death benefit and does not affect the overall policy. Option D, no changes to the policy, is also incorrect as the death benefit may be adjusted. Option C is the correct choice as it accurately describes the adjustment that is made in this scenario.

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