This is NOT true. They have 2 (two) years in which to uncover any misrepresentations. This is true in WA as well as OR. Should you die during that two-year period and the insurer uncovers any misrepresentations, your beneficiaries receive nothing.
When I bought my policy, I told them the truth: that I 'was' a climber but had stopped climbing. The specific language the insurance company used was 'roped' climbing (apparently unroped climbing was cool). After two years I started climbing again, albeit sporadically.
Think long and hard about what you say when applying for life insurance. If you are turned down, or make any misrepresentations that result in being turned down, you go into a database that other companies check when you apply elsewhere.