1. A Mississippi individual life policy must include a free-look provision that lets the owner:

return the policy within the stated period for a full refund

The required free-look provision lets a policyowner return the policy within the stated period for a full premium refund.

2. The life insurance provision giving extra time after the due date to pay a premium before lapse is the:

grace period

The grace period allows the owner additional time after the premium due date to pay before the policy lapses.

3. After a life policy has been in force for the contestable period, the incontestability clause generally bars the insurer from:

contesting the policy for misstatements except as permitted for fraud

Once the contestable period passes, the insurer generally cannot contest the policy for misstatements, subject to limited fraud exceptions.

4. If an insured misstated age on a Mississippi life application, at death the insurer generally:

adjusts the benefit to what the premium would have bought at the true age

The misstatement of age provision adjusts the benefit to what the premium paid would have purchased at the correct age.