(a) The policy must provide that if the age of the insured has been understated, the amount payable under the policy is the amount that the premium paid would have purchased at the correct age. The word "misstated" may be used instead of "understated."
(b) If more than one life is insured (e.g., by inclusion of premium payor benefits or under family group plan), the amount payable on the death of deceased may be adjusted because of a misstatement in the age of a surviving insured if the actuarial construction of the contract so requires.

Source Note: The provisions of this §4.606 adopted to be effective January 1, 1976; amended to be effective September 20, 1982, 7 TexReg 3244; transferred effective September 1, 2023, as published in the July 28, 2023, issue of the Texas Register, 48 TexReg 4127; amended to be effective January 24, 2024, 49 TexReg 250