What typically happens if the insured misstates their age on the insurance application?

When an insured misstates their age on an insurance application, the typical outcome is that the premium may be adjusted. This is because insurance premiums are often based on age since it is a significant factor in assessing risk. If the insurer discovers a discrepancy in age, they may recalculate the premium to reflect the correct age.

For example, if an applicant claimed to be younger than they actually are, they might initially pay a lower premium than what would be standard for their actual age. Upon discovering the truth, the insurance company may adjust the premium to what it should have been based on the correct age. This adjustment can serve to ensure that the insured is paying an appropriate amount for the coverage they receive based on their actual risk profile.

Thus, B is the most accurate choice, as it reflects the typical practice of adjusting premiums rather than taking more drastic measures like cancellation or doubling benefits.