Question

12 of 20 On his application for life insurance, Charles Espinoza mistakenly stated that his age was 55, when his true age was 65. The insurance company issued the policy, which included a typical misstatement of age provision, but the amount of the premium was incorrect based on Mr. Espinoza's true age. Mr. Espinoza died ten years later, and the insurer discovered the error while processing the claim. In this situation, the insurer most likely will pay the face amount stated in the policy pay an amount equal to the policy's cash value rescind the policy and refund all premiums paid adjust the amount of the proceeds to the

          12 of 20
On his application for life insurance, Charles Espinoza mistakenly stated that his age was 55, when his true age was 65. The insurance company issued the policy, which included a typical misstatement of age provision, but the amount of the premium was incorrect based on Mr. Espinoza's true age. Mr. Espinoza died ten years later, and the insurer discovered the error while processing the claim. In this situation, the insurer most likely will
pay the face amount stated in the policy
pay an amount equal to the policy's cash value
rescind the policy and refund all premiums paid
adjust the amount of the proceeds to the

12 of 20 on his application for life insurance charles espinoza mistakenly stated that his age was 55 when his true age was 65 the insurance company issued the policy which included a typica 03564

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