20-1222. Misstatement of age in
annuities
In an annuity or pure endowment contract, other than a reversionary, survivorship or
group annuity, there shall be a provision that if the age of the person or persons upon
whose life or lives the contract is made, or of any of them, has been misstated, the
amount payable or benefits accruing under the contract shall be such as the stipulated
payment or payments to the insurer would have purchased according to the correct age, and
that if the insurer makes or has made any overpayment or overpayments on account of such
misstatement, the amount thereof, with interest at the rate to be specified in the
contract but not exceeding six per cent per annum, may be charged against the current or
next succeeding payment or payments to be made by the insurer under the contract.
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