What is the Definition of Misstatement Of Age Or Sex Provision?
A life insurance, health insurance, and annuity policy provision that describes how policy benefits will be adjusted if the age or sex of the insured has been misstated in the insurance application. Typically, the benefits payable will be those that the premiums paid would have purchased for the correct age or sex.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Annuity?
What is the Definition of Misstatement Of Age Or Sex Provision?
You can find random definition and meaning of insurance terms below:
Meaning of Arbitration in Insurance Terms
Procedure in which an insurance company and the insured or a vendor agree to settle a claim dispute by accepting a decision made by a third party.
Meaning of Appraisal in Insurance Terms
A survey to determine a property’s insurable value, or the amount of a loss.
Meaning of Apportionment in Insurance Terms
The dividing of a loss proportionately among two or more insurers that cover the same loss.
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