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Why are premiums calculated on the insureds age at the time of the effective date instead of on the date of application?

April 26, 2017age application calculated effective insured premiums time

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Why are premiums calculated on the insureds age at the time of the effective date instead of on the date of application?

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Under the policy, ‘age’ is defined as the insured’s age on the effective date of coverage. In order to keep in line with that policy definition, the ‘age’ used in calculating the daily premium should be the insured’s age at the effective date of coverage.