Common use of Misstatement Clause in Contracts

Misstatement. a) If the declared age or date of birth relating to an Insured Member shall be found to have been misstated and if such misstatement affects the Amount of Insurance in the sense that a higher premium should have been charged for this Amount of Insurance, the benefits payable shall be based on the Amount of Insurance that would have been purchased at the actual age of the Insured Member. If the declared age of the Insured Member has been misstated and a lower premium should have been charged, the Company will refund any excess premiums paid without interest. The actual age and facts shall however be used in determining whether insurance is in force under the terms of this Policy and the Amount of Insurance if any, payable there under; and an equitable adjustment of premiums and/or the Insurance Amount shall be made. Where however, the Insured Member was not eligible for Coverage, his membership of the Policy shall stand terminated from inception of the Policy and the premium paid in respect of his Coverage shall be refunded without interest to the Policyholder. b) Where a misstatement of any material relevant facts have caused an Insured Member to be insured hereunder when he would otherwise be not eligible for insurance, or where such statement has caused an Insured Member to remain insured when he would otherwise be disqualified in accordance with the terms and conditions of this Policy, the Coverage in respect of such Insured Member shall be void and the Company shall reimburse to the Policyholder the premiums paid in respect of such Insured Member, subject however to the provisions of Sec 45 of the Insurance Xxx 0000.

Misstatement. a) If the declared age or date of birth relating to an Insured Member shall be found to have been misstated and if such misstatement affects the Amount of Insurance in the sense that a higher premium should have been charged for this Amount of Insurance, the benefits payable shall be based on the Amount of Insurance that would have been purchased at the actual age of the Insured Member. If the declared age of the Insured Member has been misstated and a lower premium should have been charged, the Company will refund any excess premiums paid without interest. The actual age and facts shall however be used in determining whether insurance is in force under the terms of this Policy and the Amount of Insurance if any, payable there under; and an equitable adjustment of premiums and/or the Insurance Amount shall be made. Where however, the Insured Member was not eligible for Coverage, his membership of the Policy shall stand terminated from inception of the Policy and the premium paid in respect of his Coverage shall be refunded without interest to the Policyholder. b) Where a misstatement of any material relevant facts have caused an Insured Member to be insured hereunder when he would otherwise be not eligible for insurance, or where such statement has caused an Insured Member to remain insured when he would otherwise be disqualified in accordance with the terms and conditions of this Policy, the Coverage in respect of such Insured Member shall be void and the Company shall reimburse to the Policyholder the premiums paid in respect of such Insured Member, subject however to the provisions of Sec 45 of the Insurance Xxx 0000Act 1938.