After the insured passes away, it is discovered that the policy was rated based upon an incorrect age. The client lied about their age when filling out the application 8 years earlier. What effect will this have on the benefit?
A. The policy is incontestable. Full claim will be paid.
B. The policy will be rescinded as it is contestable.
C. The proceeds payable will be adjusted.
D. The shortage of premium will be deducted from the death benefit.
Answer: C. The proceeds payable will be adjusted.
Business
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