Article 791 of Civil Code

And 1 - The insurance contract shall be voidable in the insurer's interest if the insured remains silent about a matter or provides an incorrect statement and this would alter the subject of the risk or diminish its significance in the insurer's view. 2 - If the truth is discovered before the risk materializes, the insurer may seek avoidance of the contract after ten days from the date on which it notifies the insured by registered letter, unless the latter accepts an increase in the premium proportionate to the increase in risk. Avoidance of the contract in this case entails the insurer returning the insurance consideration or returning the portion thereof in exchange for which it bore no risk. - If, however, the truth emerges after the risk materializes, the sum insured must be reduced in the ratio of the rate of premiums actually paid to the rate of premiums that ought to have been paid had the risks been correctly declared to the insurer.