An insured innocently omitted a health problem in her life insurance application that would have influenced her premium amounts. The policy is issued, and the insurer discovers the error 3 years later. Which of the following will most likely happen?

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An insured innocently omitted a health problem in her life insurance application that would have influenced her premium amounts. The policy is issued, and the insurer discovers the error 3 years later. Which of the following will most likely happen?

A. The premium amounts will remained unchanged

B. The policy will be cancelled

C. the premium will be adjusted, and it will apply retroactively, meaning that she will have to pay the difference in premium amounts for the last 3 years

D. The policy will be changed, an although she will not have to pay any extra retroactive premium fees, she will have to pay a penalty

Answer: A. The premium amounts will remained unchanged

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