An agreement between an Insurer and another, termed a ‘policyholder’, whereby the policyholder is authorized to accept proposals for insurance contracts from third parties and to bind the Insurer to such contracts.
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(1) Giving the wrong age for oneself on an application for Life and Health Insurance or for a beneficiary who is to receive benefits on a basis involving his life contingency. (2) A provision in most Life and Health policies setting forth the action to be taken if a misstatement of age is discovered after the policy is issued. This is one of the uniform provisions for Individual Health Insurance policies.