If a policy has been issued for the incorrect age, what is the insurer's response?

When a policy is issued based on an incorrect age, the appropriate response from the insurer is to adjust the premiums accordingly. This means that the premiums charged to the policyholder will reflect the correct age of the insured individual. This is essential because premiums are typically calculated based on various factors, including age, which directly impacts risk assessment and pricing for life and health insurance products.

Adjusting the premiums allows the insurer to align with the underwriting standards intended for the correct age group, ensuring that the policyholder pays a fair price based on their actual age and the associated risks. It maintains the integrity of the insurance contract and helps the insurer manage risk appropriately while still honoring the original policy.

The option of issuing a new policy or providing a refund is generally not standard practice unless the policyholder requests a change or there's a significant error that necessitates such actions. Additionally, stating that the policy remains valid regardless of the age would not address the discrepancies in premium calculations that stem from an incorrect age, so this option does not align with typical insurer responses to age-related errors.