Life · Chapter 7 · The Application
Changes / Mistakes on the Application
Definition
The agent may correct a mistake, but the applicant must INITIAL every correction. A producer who alters an application without telling the applicant or insurer may be committing fraud. After issue, incorrect info lets the insurer rescind — but only during the contestable period.
Easy to confuse with
These are what this term gets tested against — if you can't tell them apart cold, drill the contrast.
Related terms