What occurs if there is a misstatement of age or gender in the policy?

When there is a misstatement of age or gender in an insurance policy, the correct outcome is that the policy can only be adjusted. This means that the insurer may recalculate the premiums or benefits based on the correct age or gender provided by the insured. Insurance contracts often stipulate that if any information provided is found to be incorrect, the insurer has the right to amend the policy’s terms accordingly rather than voiding the policy altogether. This practice allows the insurer to maintain a fair pricing structure reflective of the insured's actual risk profile, while still honoring the contract's existence once corrected information is available.

In cases where premiums are adjusted, it means they may be increased or decreased based on a more accurate assessment of the insured's risk, rather than resorting to actions like voiding the policy or issuing a refund. These measures ensure that both the insurer and the insured adhere to a fair agreement, adjusting the costs to align with the actual risk presented by the insured's age or gender.