Florida Health Insurance Terms:
"What is Age Change?"
Age Change: The date on which an insured's age changes. In most life insurance contracts this is the date midway between the insured's birthdays. The date of age change depends on whether the insurer uses an age nearest birthday or age last birthday calculation for determining premium rates.
In life and health insurance, a concept that allows the insurer to set a procedure to determine the "age" of the insured and when that age changes to another year to be used in the setting of rates and benefits. When used for life insurance contracts, it is common to use the date midway between the insured's natural birthdays. When used by health insurers, it is common to use the insured's age of the previous birthday.
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