Where the true age as shown by the proof is greater than that on which the life policy is based, the licensed life insurer may vary the sum insured by, and the bonuses allotted to, the life policy so that, as varied, they bear the same proportion to the sum insured by, and the bonuses allotted to, the life policy before variation as the amount of the premiums that have been paid under the life policy as issued bears to the amount of the premiums that would have become payable if the life policy had been based on the true age.
Where the true age as shown by the proof is greater than that on which the life policy is based, the licensed life insurer may vary the sum insured by, and the bonuses allotted to, the life policy so that, as varied, they bear the same proportion to the sum insured by, and the bonuses allotted to, the life policy before variation as the amount of the premiums that have been paid under the life policy as issued bears to the amount of the premiums that would have become payable if the life policy had been based on the true age.