Jim, age 32, purchased a $300,000 five-year renewable and convertible term insurance policy. In answering the health questions, Jim told the agent that he had not visited a doctor within the last five years. However, he had visited the doctor two months earlier. doctor told Jim that he had a severe heart problem. Jim did not reveal this information to the agent when he applied for life insurance. Jim died three years after the policy was purchased. At that time, the life insurer discovered the heart ailment. Explain the extent of the insurer's obligation, if any, with respect to payment of the death claim.