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Life Settlement
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DEFINITION OF MISSTATEMENT OF AGE


If the age of the insured is misstated and is not discovered until death of the Insured, the life insurance company has the contractual right to adjust the net death benefit to reflect the face amount that would have been paid with the corrected age and actual premiums due versus actual premiums paid. If this error is discovered prior to the death of the Insured, a recalculation of premiums will be done. This may cause more or less premiums to be due and/or a potential refund of excess premiums.

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