ERROR IN AGE OR GENDER Clause Samples
The "Error in Age or Gender" clause addresses situations where a mistake is made in recording or reporting an individual's age or gender in a contract or policy. Typically, this clause outlines the steps to be taken if such an error is discovered, such as adjusting benefits, premiums, or other terms to reflect the correct information. Its core function is to ensure that the contract remains fair and accurate, preventing disputes or unintended advantages due to clerical or reporting mistakes.
ERROR IN AGE OR GENDER. When a benefit of this Contract is contingent upon any person's age or gender, we may require proof of such. We may suspend payments until proof is provided. When we receive satisfactory proof, we will make the payments that were due during the period of suspension. Where the use of unisex mortality rates is required, we will not determine or adjust benefits based upon gender. If after proof of age and gender (where applicable) is provided, it is determined that the information you furnished was not correct, we will adjust any benefit under this Contract to that which would be payable based upon the correct information. If we have underpaid a benefit because of the error, we will make up the underpayment in a lump sum. If the error resulted in an overpayment, we will deduct the amount of the overpayment from any current or future payment due under the Contract. Underpayments and overpayments will bear interest at an annual effective interest rate of 3%.
ERROR IN AGE OR GENDER. If the age or gender (if not unisex classified) of the Insured has been misstated, the Death Benefit and Cash Value will be adjusted. The adjusted Death Benefit will be (1) multiplied by (2) and then the result added to (3) where:
ERROR IN AGE OR GENDER. When a Contract benefit, or any charge or fee is contingent upon any person’s age or gender, we may require proof of such. We may suspend any payment due until that proof is provided. When we receive satisfactory proof, we will make all the payments that became due during the period of suspension. If after proof of age and gender is provided, it is determined that the previous information you furnished was not correct, we will adjust the benefits, charges, or fees to those that would result based upon the correct information. If we have underpaid a benefit because of the error, we will make up the underpayment in a lump sum. If the error resulted in an overpayment, we will deduct the amount of the overpayment from the Contract Value or from any current or future payment due under the Contract. Underpayments and overpayments will bear interest at an annual effective interest rate of 3%. Where the use of unisex mortality rates is required, we will not make any determination or adjustment based upon gender. Settlement — We pay all the benefits due under this Contract from our administrative office. You may apply the benefit amount to any option we offer for such payments at that time. Unless you instruct us otherwise before we make any payment, we will use the instructions contained in our records at that time. In either case, we are no longer liable for any payment after we make it.