Which provision allows for adjustments in the insurance coverage retroactively?

The Misstatement of Age Provision is the correct choice as it allows the insurer to adjust the benefits payable if the insured's age was misstated. This provision ensures that if an individual's age has been inaccurately reported on the application for coverage, the insurer has the right to correct the benefits accordingly, retroactively adjusting the coverage in alignment with the individual's true age at the time of the policy's issuance.

For instance, if a policyholder states they are 40 years old when they are actually 45, and later in the event of a claim, the insurer discovers this discrepancy, they can recalculate the death benefit or other relevant payouts based on what the policy would have provided had the correct age been disclosed. This protects the insurance company from underwriting risks taken based on incorrect information and ensures that benefits correspond appropriately to the risk presented by the insured's actual age.