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97.   Misstatement of age

Revised Laws of Saint Lucia (2021)

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97.   Misstatement of age

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    (1)   A policy is not avoided by reason only of a misstatement of the age of the life insured.

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    (2)   Where there is proof of the true age of the life insured and such age is greater than the age on which the policy is based, the company may vary the sum insured by and the bonuses, if any, allotted to the policy so that, as varied, they bear the same proportion to the sum insured by, and the bonuses, if any, allotted to the policy before variation as the amount of the premiums which have become payable under the policy as issued bears to the amount of the premiums which would have become payable if the policy had been based on the true age.

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    (3)   Where there is proof of the true age of the life insured and such age is less than the age on which the policy is based, the company shall either—

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      (a)     vary the sum insured by, and the bonuses, if any, allotted to the policy so that, as varied, they bear the same proportion to the sum insured by, and the bonuses, if any, allotted to the policy before variation as the amount of the premiums which have become payable under the policy as issued bears to the amount of the premiums which would have become payable if the policy had been based on the true age; or

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      (b)     reduce, as from the date of issue of the policy, the premium payable to the amount which would have been payable if the policy had been based on the true age and repay the policy-holder the amount of over payments of premium less any amount paid as the cash value of bonuses in excess of the cash value which would have become payable if the policy had been based on the true age.

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    (4)   A policy shall not be avoided by reason only of any incorrect statement (other than a statement as to the age of the life insured) made in any proposal or other document on the faith of which the policy was issued or reinstated by the company unless the statement—

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      (a)     was fraudulently untrue; or

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      (b)     is material in relation to the risk of the company under the policy and was made within the period of 3 years immediately preceding the date on which the policy is sought to be avoided or the date of the death of the life insured, whichever is earlier.

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