Six years ago, Gerard, aged 28, purchased a life insurance policy.

IFSE Institute LLQP Question Answer

Gerard just got married to Tanya, and they both want to purchase more insurance. Reviewing Gerard’s policy, Tanya notices that Gerard neglected to mention that he had migraines due to concussions suffered from playing football when he was a teenager. Gerard did not intentionally neglect to mention the migraines as the migraines were never an ongoing issue once he stopped playing football.

Which statement is true?

Since the policy was taken out six years ago, the insurance company would have to prove that Gerard made a fraudulent material misrepresentation, or pay the policy's death benefit.

The insurance company can void the contract under the contestability clause, and nopremiums would be returned to Gerard.

Gerard can admit the mistake to the insurance company to ensure they cannot void the policy due to incomplete information at time of application.

Since the policy was taken out six years ago, the insurance company can void the policy under the mistake clause.

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Andrea, owner of Andrea’s Fashions Inc.

Jenny purchased a whole life insurance policy 10 years ago.

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Six years ago, Gerard, aged 28, purchased a life insurance policy.

The Answer Is:

Explanation:

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