Do you know anyone who has been able to save age in life insurance?If so, maybe you wonder what the heck they are talking about.The insurer will either use your actual age or the age you are nearest to based on the birthday you’re closest to. DECEPTIVE, UNFAIR, AND PROHIBITED PRACTICESCHAPTER 551. PRACTICES RELATING TO DECLINATION, CANCELLATION, AND NONRENEWAL OF INSURANCE POLICIESSUBCHAPTER A. This section does not prohibit the exchange, alteration, or conversion of any policy of life or endowment insurance or any annuity in the manner provided by section 3915.12 of the Revised Code, nor does it invalidate any contract made in violation of this section.
Backdating Life Insurance Policies What you pay for a life insurance policy is based in part of your age at the date of issue.Are there any statutes or regulations requiring an insurer or agent to complete such certificates with accurate information?May an insurer or agent issue a "back-dated" certificate of insurance? There could be an issue of fraud or untrustworthiness concerning this misrepresentation of date. A certificate of insurance is merely a document used in business to summarize information about insurance coverage but it is not a contract and is not required by statute or regulation. (a) In this section, "insurer" includes a county mutual insurance company, a Lloyd's plan, and a reciprocal or interinsurance exchange.(b) Except as otherwise provided by law, an insurer may require that membership dues in its sponsoring organization be paid as a condition for issuance or renewal of a policy. CANCELLATION AND NONRENEWAL OF CERTAIN LIABILITY INSURANCE POLICIESSec. The term does not include a county mutual fire insurance company that writes exclusively industrial fire insurance as described by Section 912.310 or a farm mutual insurance company.(2) "Liability insurance" means:(A) general liability insurance;(B) professional liability insurance other than medical professional liability insurance;(C) commercial automobile liability insurance;(D) commercial multiperil insurance; and(E) any other type or line of liability insurance designated by the department.
So let me fill you in on an industry secret…Most consumers are unaware that life insurance companies use your “nearest age” rather than your actual age to calculate premiums for your policy. Let’s say you turned 60 years old on October 1st 2016.