W gave W's age as 50 when W purchased a Life policy. At the time of W's death seven years later, what would be the procedure under the misstatement of age provision?

The misstatement of age provision in life insurance policies addresses situations where the insured provides incorrect information about their age. In this case, if W stated an age of 50 but was actually older, the life insurance policy would be adjusted accordingly at the time of the death claim.

The correct procedure under these circumstances usually involves recalculating the death benefit based on the premiums that would have been charged had the insurer known W's true age at the time of policy issuance. This means that the death benefit may be reduced to reflect what the policy would have provided had it been issued at the accurate age.

This adjustment ensures that the insurer maintains fairness in the risk assessment; thus, the amount paid out would correspond with the premiums that would have been charged if the correct age had been disclosed. This is why the choice refers to reducing the proceeds in line with the premium that corresponds to the actual age, rather than voiding the policy or issuing a complete refund.