(Solution) - When Fima applied to Paul Revere Life Insurance Co for -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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When Fima applied to Paul Revere Life Insurance Co. for a disability policy, he overstated his income by a large amount. Three years after the policy was issued, Fima became disabled and filed a claim for policy benefits. Paul Revere refused to pay because of the misstatement on the application. Is Paul Revere correct?