206(1)Subject to subsections (2) and (3), if the age of the person insured has been mis-stated to the insurer then, at the option of the insurer, either
(a)
the benefits payable under the contract shall be increased or decreased to the amount that would have been provided for the same premium at the correct age, or
(b)
the premium may be adjusted in accordance with the correct age as of the date the person insured became insured.
206(2)In the case of a contract of group insurance, if there is a mis-statement to the insurer of the age of a group person insured or person insured, the provisions, if any, of the contract with respect to age or mis-statement of age shall apply.
206(3)Where the age of a person affects the commencement or termination of the insurance, the true age governs.