Page 55 - IC23 life insurance application

Proof of age

This is the first item and thus enforces its importance. The age should be correctly

stated. If the age has been proved by a document, it is normally accepted as final. If

the age has not been admitted at the time of the proposal, it has to be proved

subsequently, but before the final payment is made. When the proof is subsequently

submitted, the following action is taken.

If the age proves higher than what is declared in the proposed form, the new

premium is calculated as per the correct age and the policyholder if alive, is asked to

pay the correct premium thereafter. The difference in premium due to increased age

alongwith interest is collected. However, if this difference in premium remains

unpaid, it remains as a debt and is deducted from the final payment. If on the other

hand, this correct age is such as to make the policyholder uninsurable under the

given table and term, of the assurance specified in the schedule, the table and term

shall stand altered to such as are normally granted by the insurer according to the

practice in force.

If however the age proves lower than declared, the difference in premium is returned

along with the final payment.

Forfeiture clause in certain events :

This paragraph reiterates the conditions in which this policy can be declared null

and void. One is that the premiums must be paid on time on dates as mentioned in

the schedule. In case it is not done, the policy shall lapse. The second relates to the

declarations made in the proposal forms and other documents. If the statements are

proved untrue or incorrect, the policy can be declared null and void.

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