20-1222. Misstatement of age in annuities
136 words·~1 min read·
/az/title-20/20-1222A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.