XCEL SOLUTIONS: Georgia Life-Only Pre-Licensing

All of the following are considered to be typical characteristics describing the nature of an insurance contract, EXCEPT: -Bilateral -Unilateral -Aleatory -Adhesion

-Bilateral

T and S are named co-primary beneficiaries on a $500,000 Accidental Death and Dismemberment policy insuring their father. Their mother was named contingent beneficiary. Five years later, S dies of natural causes and the father is killed in a scuba accident shortly afterwards. How much of the death benefit will the mother receive? -$1,000,000 -$500,000 -$250,000 -$0

-$0 The mother receives $0 because T is still alive and the sole primary beneficiary while the mother is still the contingent beneficiary.

Under the USA Patriot Act, insurers are required to report receipt of cash payments in excess of: -$10,000 -$7,500 -$5,000 -$2,500

-$10,000 The anti-money laundering provisions of the USA Patriot Act require insurers to report any cash payments received that are greater than $10,000.

T took out a $50,000 life insurance policy with an Accidental Death and Dismemberment rider. Five years later, T commits suicide. How much will the insurer pay? -The total premiums paid minus any policy loans -Nothing -$50,000 -$100,000

-$50,000 The suicide occurred outside the Suicide Clause period (normally 1-2 years), thus the face amount will be paid.

G purchased a Family Income policy at age 40, The policy has a 20-year rider period. If G were to die at age 50, how long would G's family receive an income? -5 years -10 years -15 years -20 years

-10 years In this situation, the family would receive an income from the policy for 10 years. Family income policies pay an income beginning at the insured's death and continues for a period specified from the date of policy issue.

A 15-year mortgage is best protected by what kind of life policy? -Modified whole life -15-year level term -15-year decreasing term -Adjustable life

-15-year decreasing term

What year was the McCarran-Ferguson Act enacted? -1944 -1945 -1946 -1947

-1945 The McCarran-Ferguson Act was enacted in 1945 and made it clear that continued regulation of insurance by the states was in the public's best interest.

A potential client, age 40, would like to purchase a Whole Life policy that will accumulate cash value at a faster rate in the early years of the policy. Which of these statements made by the producer would be correct? -Straight life accumulates faster than Limited-pay Life -20-Pay Life accumulates cash value faster than Straight Life -Cash value accumulation of both 20-Pay Life and Straight Life depend on the insurer's financial rating -20-Pay Life and Straight Life accumulate cash value at the same rate

-20-Pay Life accumulates cash value faster than Straight Life

An insurer may normally delay the payment of a cash value loan or surrender value for up to -2 months -4 months -6 months -8 months

-6 months An insurer may delay the payment of a cash value loan or surrender value for up to 6 months.

Which statement is TRUE regarding a Variable Whole Life policy? -A minimum guaranteed Death benefit is provided -It is a combination of an Endowment and an Increasing Term policy -Its premiums and benefits are variable -It has guaranteed dividends

-A minimum guaranteed Death benefit is provided A Variable Whole Life policy provides a minimum guaranteed death benefit.

All are true statements regarding the underwriting process, EXCEPT: -Signed consent from the applicant must be provided in order to test for AIDS and HIV virus -AIDS and HIV virus exams can be conducted in a discriminatory fashion -The cost of any examination is paid for by the insurer -The original application is the primary source of information used in the underwriting process

-AIDS and HIV virus exams can be conducted in a discriminatory fashion AIDS and HIV testing must be conducted in a uniform fashion and cannot be discriminatory.

A policyowner may generate taxable income from which of the following Dividend Options? -Nonforfeiture -Cash -Accumulation at Interest -Reduced Premium

-Accumulation at Interest While policy dividends are not taxable, any interest paid on them is taxable income in the year the interest is credited to the policy.

Which premium schedule results in the lowest cost to the policyowner? -Semi-annual -Monthly -Quarterly -Annual

-Annual If the policyowner chooses to pay the premium more than once per year (ex: monthly, quarterly, semi-annually) there normally will be an additional charge because the company will have additional charges in billing and collecting the premium payments.

When can a policyowner change a revocable beneficiary? -Anytime -After the consent of the current beneficiary -Never -Only if primary beneficiary dies

-Anytime With a revocable beneficiary designation, the policyowner may change the beneficiary at any time without notifying or getting permission from the beneficiary.

Any changes made on an insurance application requires the initials of whom? -Insured -Agent -Applicant -Beneficiary

-Applicant When an applicant makes a mistake in the information given to an agent in completing the application, the applicant can have the agent correct the information, but the applicant must initial the correction.

An incomplete life insurance application submitted to an insurer will result in which of these actions? -Application will be returned to the writing agent -Application will be approved with restrictions -Application will be pending until a MIB report is sent to the insurer -Application will be automatically declined

-Application will be returned to the writing agent If the company discovers a mistake or incompletion, it usually returns the application to the producer.

At what time must a policyowner have insurable interest on the insured in order for the life policy to be valid? -After the Contestable period -When the policy proceeds are paid -At the time of application -When the insured dies

-At the time of application With life insurance, insurable interest must exist only at the policy inception.

S has a Whole Life policy with a premium payment due soon. Which provision would keep the policy in force if S does not make the required payment and the policy has adequate cash value from which the premium payment can be made? -Automatic Policy Loan -Assignment -Grace Period -Waiver of Premium

-Automatic Policy Loan The Automatic Policy Loan provision will keep a Whole Life policy in force if a required premium payment is not made and there is sufficient cash value.

A student pilot can pay regular premium costs for her life insurance policy with the addition of which of the following? -Guaranteed Insurability rider -Aviation exclusion -Impairment rider -Accidental Death Benefit rider

-Aviation exclusion

Which statement about a whole life policy is true? -Beneficiary may be changed only with the consent of the premium payor -Death benefit can usually be adjusted -Cash value may be borrowed against -Premiums are flexible

-Cash value may be borrowed against One feature of whole life policies is that the policyowner may borrow against the cash value.

A policy loan is made possible by which of these life insurance policy features? -Extended term provision -Cash value provision -Owner's rights provision -Consideration clause

-Cash value provision The cash value provision makes a policy loan possible.

N is covered by a Term Life policy and does not make the required premium payment which was due August 1. N dies September 15. What action will the insurer take? -Claim will be denied -Claim will be paid in full -Claim will be partially paid -Claim will be decided by an arbitrator

-Claim will be denied In this situation, the insurance company will deny the claim, as the policy would have lapsed due to nonpayment by September 15.

T is the policyowner for a Life Insurance policy with an Irrevocable beneficiary designation. If T wishes to change the beneficiary, T must obtain permission from the -payor -agent -beneficiary -Commissioner of Insurance

-Commissioner of Insurance An irrevocable designation may not be changed without the written consent of the beneficiary.

Which of the following consists of an offer, acceptance, and consideration? -Warranty -Estoppel -Contract -Representation

-Contract Offer, acceptance, and consideration are all elements of a contract.

Which of these require an offer, acceptance, and consideration? -Warranty -Estoppel -Contract -Representation

-Contract Offer, acceptance, and consideration are all elements of a contract.

Insurance policies are offered on a "take it or leave it" basis, which make them: -Conditional Contracts -Aleatory Contracts -Unilateral Contracts -Contracts of Adhesion

-Contracts of Adhesion Because insurance policies are offered on a "take it or leave it" basis, they are referred to as Contracts of Adhesion.

Which of these statements about a Guaranteed Insurability Option rider is NOT TRUE? -Coverage can be added at specific events such as marriage or having a child -Evidence of insurability is not required when the option is exercised -Evidence of insurability is required when the option is exercised -Coverage can be added at specific ages

-Evidence of insurability is required when the option is exercised

D owns a Whole Life policy that was purchased 10 years ago. If the premium payments suddenly stop and D takes no additional action, which Nonforfeiture Option will the insurer likely proceed with? -Extended term -Loan provision -Reduced Paid-up -Cash Surrender

-Extended term Choosing the nonforfeiture extended term option allows the policyowner to use the cash value to purchase a term insurance policy with a death benefit equal to that of the original whole-life policy. Extended-term insurance is often the default nonforfeiture option in the event of nonpayment of premiums.

An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the: -State Guaranty Association -Fair Labor Standards Board -Fair Credit Reporting Act -National Association of Insurance Commissioners

-Fair Credit Reporting Act The Fair Credit Reporting Act is a Federal law requiring an individual to be informed if that individual is being investigated by an inspection company.

What is the name of the law that requires insurers to disclose information gathering practices and where the information was obtained? -State Guaranty Association -Fair Labor Standards Board -Fair Credit Reporting Act -National Association of Insurance Companies

-Fair Credit Reporting Act The Fair Credit Reporting Act is a Federal law requiring an individual to be informed if that individual is being investigated by an inspection company.

Who makes the legally enforceable promises in a unilateral insurance policy? -Beneficiary -Insurance company -Insured -Applicant

-Insurance company Under a unilateral insurance policy, the insurance company makes the legally enforceable promises.

If a contract of adhesion contains complicated language, to whom would the interpretation be in favor of? -Insurer -Beneficiary -Reinsurer -Insured

-Insured In a contract of adhesion, any confusing language would be interpreted in the favor of the insured.

The agreement in a life insurance contract that states a specific sum of money will be paid to a designated person upon an insured's death is called a(n): -Entire Contract provision -Consideration clause -Insuring agreement -Assignment agreement

-Insuring agreement The insuring clause or provision sets forth the company's basic promise to pay benefits upon the insured's death.

All of these Settlement options involve the systematic liquidation of the death proceeds in the event of the insured's death, EXCEPT: -Fixed Period -Interest Only -Fixed Amount -Life Income

-Interest Only The Interest Only option does NOT involve the systematic liquidation of the death proceeds.

On January 8, an applicant filled out an application for a life insurance policy but did not include the initial premium. The insurance company approved the application on January 14 and issued the policy January 15. The producer delivered the policy on January 26 and collected the first premium. When did the coverage become effective? -January 8 -January 14 -January 15 -January 26

-January 26 In this situation, coverage became effective on the date the policy was delivered and first premium collected.

Stranger Originated Life Insurance (STOLI) has been found to be in violation of which of the following contractual elements? -Consideration -Competent Parties -Offer/Acceptance -Legal Purpose (Insurable Interest)

-Legal Purpose (Insurable Interest) A STOLI arrangement is used to circumvent state insurable interest statutes.

D needs life insurance that provides coverage for only a limited amount of time while also paying the lowest possible premium. What kind of policy is needed? -Limited-pay life -Graded Premium -Level term -Endowment

-Level term Life insurance written to cover a need for a specified period of time at the lowest premium is called level term insurance.

Which of these is considered a statement that is assured to be true in every respect? -Estoppel -Warranty -Guarantee -Representation

-Warranty A warranty is a statement that is considered guaranteed to be true.

Which settlement option pays a stated amount to an annuitant, but no residual value to a beneficiary? -Interest Only -Fixed Period -Fixed Amount -Life Income

-Life Income The Life Income settlement option pays a specified amount to the annuitant with no residual value payable to a beneficiary.

A whole life insurance policyowner does not wish to continue making premium payments. Which of the following enables the policyowner to sell the policy for more than its cash value? -Cash surrender -Life settlement contract -Buy-sell contract -1031 Exchange

-Life settlement contract A life settlement contract allows a policyowner to sell a life insurance policy for more than its cash value.

The entity whose sole purpose is sharing medical data among its member companies is called the -National Association of Insurance Commissioners (NAIC) -Medical Information Bureau (MIB) -State government -State Underwriting Association

-Medical Information Bureau (MIB) The purpose of the Medical Information Bureau (MIB) is to share medical data among its member companies.

J is issued a Life Insurance policy with a death benefit of $100,000. She pays $600 per year in premium for the first 5 years. The premium then increases to $900 per year in the sixth year, and remains level thereafter. The policy's death benefit also remains at $100,000. Which type of Life Insurance policy is this? -Endowment -Graded Premium Life -Straight Life -Modified Premium Life

-Modified Premium Life Modified whole life policies are distinguished by premiums that are lower than typical whole life premiums during the first few years (usually five) and then higher than typical thereafter.

Which of these is NOT considered to be a right given to a policyowner? -Surrendering the policy's cash value -Modify a provision in the insurance contract -Assignment of ownership -Change the beneficiary, if revocable

-Modify a provision in the insurance contract Changing contract provisions is not a policyowner right.

Which statement is true regarding a minor beneficiary? -Normally, the death proceeds are required to be held in the trust until the beneficiary reaches the age of 21 -Normally, a guardian is required to be appointed in the Beneficiary clause of the contract -The minor must pay the debts of the insured's estate before receiving any of the proceeds -The minor is entitled to receive the death proceeds immediately

-Normally, a guardian is required to be appointed in the Beneficiary clause of the contract In most cases, insurers require that a guardian be appointed in the Beneficiary clause of the policy or that a guardian be designated in the will.

All of these statements concerning Settlement Options are true, EXCEPT: -Increased proceeds can be provided through accumulation of interest -Rapid depletion of proceeds can be avoided -Proceeds can be administered by the insurance company -Only the beneficiary may select

-Only the beneficiary may select Settlement options may be selected by the policyowner.

In a life insurance policy, which provision states who may select policy options, designate and name a beneficiary, and be the recipient of any financial benefits from the policy? -Nonforfeiture -Entire Contract -Insuring Clause -Owner's Rights

-Owner's Rights "Owner's Rights" states who may select policy options, designate and name a beneficiary, and be the recipient of any financial benefits from the policy.

P and Q are married and have three children. P is the primary beneficiary on Q's Accidental Death and Dismemberment (AD&D) policy and Q's sister R is the contingent beneficiary. P, Q, and R are involved in a car accident and Q and R are killed instantly. The Accidental Death benefits will be paid to: -R's estate -Q's estate -P and Q's estate -P only

-P only In this situation, benefits will be paid to P because P survived the accident and is the primary beneficiary.

When a policy pays dividends to its policyholders, it is said to be -profitable -mutual -nonparticipating -participating

-Participating A participating policy is one in which insurance policies pay out dividends to the policyholders.

Which is true concerning a Variable Universal Life policy? -Policyowner controls where the investment will go and selects the amount of the premium payment -Policyowner has no say where the investment will go but can choose the premium mode -The investment vehicle for this type of policy is held in the insurer's general portfolio -The death benefit can vary but the policyowner has no say in the premium amount paid

-Policyowner controls where the investment will go and selects the amount of the premium payment With Variable Universal Life, the policyowner controls the investment of cash values and selects the timing and amount of premium payments.

Which of these describe a participating insurance policy? -Policyowners are entitled to receive dividends -Policyowners pay assessments for company losses -Stock companies allow their policyowners to share in company earnings -Policyowners are not entitled to vote for members of the board of directors

-Policyowners are entitled to receive dividends A participating life policy is one in which the policyowner receives dividends deriving from the company's divisible surplus.

Which of these is NOT a type of agent authority? -Express -Implied -Principal -Apparent

-Principal Agent authority is what an agent is authorized to do on behalf of his company. The three types of agent authority include express, implied, and apparent authority.

What is the consideration given by the insurer in the Consideration clause of a life policy? -Promise to never cancel coverage -Promise to pay death benefit to a named beneficiary -Promise to not raise premiums -Promise to accept an insured's assignment of benefits

-Promise to pay death benefit to a named beneficiary Consideration is given by the insurer by promising to pay a death benefit to a named beneficiary.

T is covered by an Accidental Death and Dismemberment (AD&D) policy that has an irrevocable beneficiary. What action will the insurance company take if T requests a change of beneficiary? -Request will be accepted only if in writing by the insured -Change will be made only if premiums are paid current -Change will be made immediately -Request of the change will be refused

-Request of the change will be refused An irrevocable designation may not be changed without the written consent of the beneficiary.

A(n) ______________ beneficiary may be changed by the policyowner WITHOUT the consent of the beneficiary. -Revocable -Irrevocable -Tertiary -Replaceable

-Revocable

J would like to maintain the right to change beneficiaries. Which beneficiary designation should be used? -Irrevocable -Contingent -Primary -Revocable

-Revocable With a revocable beneficiary designation, the policyowner may change the beneficiary at any time without notifying or getting permission from the beneficiary.

Which of the following statements about accumulated interest earned on dividends from an insurance policy is TRUE? -Partially taxable -Tax deductible -Nontaxable -Taxed as ordinary income

-Taxed as ordinary income Accumulated interest earned on dividends from an insurance policy is taxed as ordinary income.

T would like to be assured $10,000 is available in 10 years to replace a roof on his house. What kind of $10,000 policy should T purchase? -Interest-Sensitive Whole Life -Ten-Year Endowment -Variable Universal Life -Ten-Year Renewable Term

-Ten-Year Endowment In this situation, a Ten-Year Endowment should be purchased to ensure the funds will be available when needed.

What type of life insurance are credit policies issued as? -Whole -Variable -Term -Universal

-Term The type of insurance used is decreasing term, with the term matched to the length of the loan period (though usually limited to 10 years or less) and the decreasing insurance amount matched to the declining loan balances.

What kind of life insurance product covers children under their parent's policy? -Family Maintenance rider -Term rider -Family Income rider -Payor benefit

-Term rider Family plan policies usually cover the family head with permanent insurance and the coverage on the spouse and children is term insurance in the form of a rider.

Which of the following statements is CORRECT about an agent who is taking an insurance application? -The agent should avoid asking the applicant questions that may cause embarrassment -The agent should have the applicant initial any changes made on the application -The agent may allow a member of the applicant's immediate family to sign the application if the applicant is not available -The agent may answer routine questions on the application for the applicant

-The agent should have the applicant initial any changes made on the application

C is trying to determine whether to convert her convertible term life policy to whole life insurance using her original age or attained age. What factor would affect her decision the most? -The cost -The nonforfeiture options -The contestable period -The assignment of ownership

-The cost In this situation, the cost of insurance is most important when an insured owner is trying to decide whether to convert term insurance at the insured's original age or the insured's attained age.

K is an agent who takes an application for individual life insurance and accepts a check from the client. He submits the application and check to the insurance company, however the check was never signed by the applicant. If the application is approved, when will coverage be effective? -The date the sales appointment was made -The date the application was submitted to the insurance company -The date of the application -The date the agent delivered the policy, collected the initial premium, and obtained a good health statement from the insured

-The date the agent delivered the policy, collected the initial premium, and obtained a good health statement from the insured

Whole Life insurance is sometimes referred to as "Straight Life." What does the word "Straight" indicate when using this phrase? -The incontestable period -The ability to borrow against the cash value -The Grace Period -The duration of premium payments

-The duration of premium payments The word "straight" denotes the duration of premium payments, usually for the rest of the owner's life.

What is the underlying concept regarding level premiums? -Level premiums build cash value quicker in the early years -The early years are charged than what is needed -The early years are charged less than what is needed -Level premiums can only be paid annually

-The early years are charged than what is needed The concept of leveled premiums charges more than needed in the early years.

Which statement regarding the Change of Beneficiary provision is true? -The beneficiary can only be changed with the consent of the insurer -The policyowner can change the beneficiary -The insured can change the beneficiary -A beneficiary change is subject to underwriting procedures

-The policyowner can change the beneficiary A policyowner may change a beneficiary at any time. However, consent may be needed by the current beneficiary if designated as irrevocable.

Why is an applicant's signature required on a life insurance application? -To attest that the statements on the application are warranties -To attest that the statements on the application accurate to the best of the applicant's knowledge -To give Power of Attorney to the producer if needed -To attest that all statements on the application are guaranteed to be true

-To attest that the statements on the application accurate to the best of the applicant's knowledge

What type of reinsurance contract involves two companies automatically sharing their risk exposure? -Arbitrage -Facultative -Excess -Treaty

-Treaty Under treaty reinsurance, each party automatically accepts specific percentages of the insurer's business.

Which of the following Life insurance policies combine term insurance with an investment element? -Increasing Term Life -Decreasing Term Life -Universal Life -Graded Life

-Universal Life A Universal life policy combines term insurance and an investment element.

A life insurance policyowner would like to take out a policy loan against the cash value in his Whole Life policy. The interest rate applied to this loan may vary over time. This is referred to as a(n) ____________ rate loan. -Fluctuating -Fixed -Variable -Increasing

-Variable The interest rate on a Variable rate cash value loan may vary over time.

When a misrepresentation on a life insurance policy application is discovered, what action may an insurance company take? -Void the policy if found during the Contestable period -Void the policy, no matter when it is discovered -Void the policy at any time only if it is found to be material -Void the policy only if it is discovered during the Contestable period and proven to be material

-Void the policy only if it is discovered during the Contestable period and proven to be material An insurer may void the policy only if the misrepresentation is discovered during the Contestable period and proven to be material.

When is the face amount of a Whole Life policy paid? -At the policy's maturity date only -When the insured dies or at the policy's maturity date, whichever happens first -Only when the insured dies -When the policy is surrendered

-When the insured dies or at the policy's maturity date, whichever happens first The face amount of a Whole Life policy will be paid when the insured dies or on the maturity of the policy, whichever occurs first.

What kind of life policy either pays the face value upon the death of the insured or when the insured reaches age 100? -Term Life -Whole Life -Credit Life -Universal Life

-Whole Life Whole life insurance is designed to mature at age 100.

A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as: -a fraternal benefit society -a stock insurer -a mutual insurer -the Life and Health Insurance Guaranty Association

-a fraternal benefit society A nonprofit incorporated society that does not have capital stock and operates for the sole benefit of its members is known as a fraternal benefit society.

What action will an insurer take if an interest payment on a policy loan is not made on time? -cancel the policy if not paid within the grace period -automatically add the amount of interest due to the loan balance -subtract from any dividends owed -disallow any further loans

-automatically add the amount of interest due to the loan balance Unpaid interest from a policy loan is added to the loan balance if not paid by the due date.

Dividends payable to a policyowner are -guaranteed -declared by the State -declared by the insurance company -strictly regulated

-declared by the insurance company Dividends payable to a policyowner are declared by the insurance company.

What is the purpose of the U.S.A. Patriot Act? -detect and deter fraud -detect and deter alien insurance companies -detect and deter terrorism -detect and deter misrepresentations

-detect and deter terrorism The purpose of the U.S.A. Patriot Act is to detect and deter terrorism.

A(n) _____________ contained in a life insurance policy states that the policy will NOT cover certain risks. -elimination -exclusion -limitation -curtailment

-exclusion An exclusion contained in a life insurance policy states that the policy will NOT cover certain risks.

A Universal Life policy is sometimes referred to as an unbundled Life Policy because the owner can see the interest earned, cost of insurance, and the -inherent risk -commission rate -inflation factor -expense charges

-expense charges The Universal Life Policy is called an unbundled Life Policy because the policyholder can see the expense charges, the interest earned, and the cost of insurance.

M completes an application for life insurance but does not pay the initial premium. All of these actions must occur before M's policy goes into effect, EXCEPT: -policy is delivered -free-look period has expired -insurance company issues policy -initial premium is collected

-free-look period has expired

Quarterly premium payments increase the annual cost of insurance because -insurer risk exposure is greater -interest to the insurer is increased while administrative costs are decreased -mortality costs are greater -interest to the insurer is decreased while the administrative costs are increased

-interest to the insurer is decreased while the administrative costs are increased The higher the frequency of the payments, the higher the premiums.

What kind of premium does a Whole Life policy have? -decreasing -adjustable -level -deferred

-level A Whole Life insurance policy has a level premium.

Which of these is NOT considered to be an element of an insurance contract? -the offer -acceptance -negotiating -consideration

-negotiating The elements of an insurance contract do not include negotiating.

The __________ is authorized to assign a Life Insurance Policy as collateral for a loan. -beneficiary -insured -policyowner -lender

-policyowner A life insurance policy may ONLY be assigned as collateral by the policyowner.

Statements made on an insurance application that are believed to be true to the best of the applicant's knowledge are called: -representations -consideration -warranties -guarantees

-representations Statements made on an insurance application that are believed to be true to the best of the applicant's knowledge are called representations.

The investment gains from a Universal Life Policy usually go toward: -the death benefit -the dividends -the cash value -paying off a policy loan

-the cash value In Universal Life Policy, income is usually directed toward the cash value.

The Consideration Clause of an insurance contract includes: -the buyer's guide -a summary of the coverage provided -the named beneficiaries -the schedule and amount of premium payments

-the schedule and amount of premium payments The Consideration clause of a Life or Health policy includes the schedule and amount of premium payments.

Term Life Policies that have the ability to be converted to permanent coverage may do so during a specific time period. the conversion period -may be altered by the policyowner -is controlled by the NAIC -is the same in all contracts -varies according to the contract

-varies according to the contract The conversion period varies according to the contracts.

The part of a life insurance policy guaranteed to be true is called a(n): -representation -exclusion -warranty -waiver

-warranty Warranties are statements that are considered literally true. A warranty that is not literally true in every detail, even if made in error, is sufficient to render a policy void.