Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
A covered employee dies during a Florida group life policy's grace period, before the premium is paid. What does section 627.559 provide?
Answer and explanation
Answer: A. Section 627.559 states that during the grace period the death benefit coverage shall continue in force. The protection operates during the period itself rather than depending on later payment, and the statute provides for no reduction in the amount payable.Source: Fla. Stat. § 627.559 — 627.559, Coverage during the grace period
More florida statutes, rules, and regulations pertinent to life and annuity insurance, including variable products questions
- An employer's group life plan covers employees and wishes to add their spouses and children. Which sections are engaged?
- An insured aged 68 misses a Florida individual life premium. In what order do the grace period and the lapse notice operate?
- An insured aged 70 misses a premium and the grace period expires. Before the policy may lapse, what must the insurer do under section 627.4555?
- An insurer agrees a settlement in writing and then withholds payment for months without explanation. Which two Florida provisions bear on that?
- An insurer wishes to contest coverage on a group member after two years, relying on what the member said about eligibility. What does section 627.560 require?
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