A statement of opinion by the insured on a life insurance application:
A) is a sufficient reason to allow an insurer to later void the contract
B) is illegal, and insurers must not request such information
C) is not a sufficient reason for an insurer to later void the contract
D) provides reliable information to the underwriter

Question

Quizplus · Accepted Answer

A statement of opinion by the insured on a life insurance application is not a sufficient reason for an insurer to later void the contract. However, if the statement of opinion later proves to be false or misleading, that could be grounds for voiding the contract. It is not illegal for an insurer to request such information, but it is important that the insured provides accurate and truthful information on the application. The statement of opinion may provide useful information to the underwriter, but it is not necessarily reliable or definitive.

A Statement of Opinion by the Insured on a Life