AXA Life Co. approved and issued a life insurance policy effective November 1, 2018 in favor of Ading and Ading instituted her only child, Adang, as beneficiary. On March 1, 2020, Ading died of heart ailment.

Adang now claims the proceeds of the insurance policy but was denied by AXAS on the ground that Ading failed to disclose her 3 previous consultation with his doctors for diabetes mellitus and hypertension. AXA rescinded the policy and refunded the premium paid. Was AXA Life correct?

Note: A maximum ofThree (3) SENTENCES . Write directly your categorical answer (e.g. YES or NO) and more importantly, the legal basis supported with relevant facts given in the case.