Misstatement of Age or Death Clause Samples
The Misstatement of Age or Death clause addresses situations where incorrect information about an individual's age or death is provided in relation to an insurance policy. If it is discovered that the age of the insured was misstated, the insurer will typically adjust the benefits or premiums to reflect what would have been correct based on the true age. For example, if a policyholder claimed to be younger than they actually are, the payout or coverage may be reduced accordingly. This clause ensures fairness and accuracy in the administration of insurance contracts by correcting benefits or obligations to match the actual circumstances, thereby preventing fraud or unintentional errors from unfairly impacting either party.
Misstatement of Age or Death. Great-West may require adequate proof of the age and death of the Annuitant, GLWB Elector or Covered Person(s) before processing a Request for GAWs and annuity payments. If the age of the Annuitant, GLWB Elector or Covered Person(s) has been misstated, the Installment or annuity payment established for him or her will be made on the basis or his or her correct age.
Misstatement of Age or Death. Great-West of New York may require adequate proof of the age and death of the Covered Person and/or Annuitant, as applicable, before processing a request for GAWs and annuity payments. If the age of the Covered Person, Annuitant, or any person whose life or death determines whether and to whom Great-West of New York must make a payment has been misstated, the Installment, payment during the Settlement Phase, or annuity payment, established for him or her will be made on the basis or his or her correct age. If Installments, payments during the Settlement Phase, or annuity payments made were too large because of a misstatement of age, Great-West of New York may deduct the difference from the next payment or payments with interest at a rate of [3.00%]. If payments were too small, Great-West of New York may add the difference to the next payment with interest at a rate of [3.00%].
Misstatement of Age or Death. Great-West may require adequate proof of the age and death of the GLWB Participant before processing a request for GAWs and annuity payments. If the age of the GLWB Participant has been misstated, the Installment or annuity payment established for him or her will be made on the basis or his or her correct age. If Installments or annuity payments made were too large because of a misstatement of age, Great-West may deduct the difference from the next payment or payments with interest. If payments were too small, Great-West may add the difference to the next payment with interest. Any interest payable will be made at the rate required by law.
Misstatement of Age or Death. GWL&A of NY may require adequate proof of the age and death of the GLWB Participant before processing a request for GAWs and annuity payments. If the age of the GLWB Participant has been misstated, the Installment or annuity payment established for him or her will be made on the basis or his or her correct age. If Installments or annuity payments made were too large because of a misstatement of age, GWL&A of NY may deduct the difference from the next payment or payments with interest at a rate of [3.00%]. If payments were too small, GWL&A of NY may add the difference to the next payment with interest at a rate of [3.00%]. Any interest payable will be made at the rate required by law.
Misstatement of Age or Death. Great-West may require adequate proof of the age and death of the Owner before processing a request for GAWs and annuity payments. If the age of the Owner or any person whose life or death determines whether and to whom we must make a payment has been misstated, the Installment, payment during the Settlement Phase, or annuity payment, established for him or her will be made on the basis or his or her correct age. If Installments, payments during the Settlement Phase, or annuity payments made were too large because of a misstatement of age, Great-West may deduct the difference from the next payment or payments with interest. If payments were too small, Great-West may add the difference to the next payment with interest. Any interest payable will be made at the rate required by law.
Misstatement of Age or Death. Great-West may require adequate proof of the age and death of the Covered Person and/or Annuitant, as applicable, before processing a request for GAWs and annuity payments. If the age of the Covered Person, ▇▇▇▇▇▇▇▇▇, or any person whose life or death determines whether and to whom Great‑West must make a payment has been misstated, the Installment, payment during the Settlement Phase, or annuity payment, established for him or her will be made on the basis or his or her correct age. If Installments, payments during the Settlement Phase, or annuity payments made were too large because of a misstatement of age, Great-West may deduct the difference from the next payment or payments with interest. If payments were too small, Great-West may add the difference to the next payment with interest. Any interest payable will be made at the rate required by law.