Under which scenario is age and gender contestability applicable?

Age and gender contestability refers to the insurance company's right to contest a policy if the insured's age or gender was misstated in the application. This typically means that if the application includes incorrect information regarding the insured's age or gender, the insurer can challenge the validity of the policy and adjust benefits accordingly. This is especially important because age and gender can significantly influence the premiums and benefits.

In this context, misstatement signifies that the insurer is allowed to review and potentially deny claims or adjust the coverage based on incorrect information provided when the policy was created. This contestability is valid during the initial years of the policy, often referred to as the contestable period, but specifically relates to cases where age and gender discrepancies are discovered.

The other choices do not relate directly to the contestability of age and gender. The free-look clause allows the policyholder a set period to review the policy and cancel it if unsatisfied, the loan values clause pertains to the amount one can borrow from the cash value of a policy, and the incontestable period is a time frame during which the insurer cannot contest the validity of a policy due to any reasons other than non-payment of premiums. Thus, option B aligns directly with the specific issue of contestability regarding age and gender