Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
A departing Florida employee wants to convert group coverage to an individual term policy. What does section 627.566 allow?
Answer and explanation
Answer: B. Section 627.566 allows conversion to any one of the forms then customarily issued by the insurer for the age and amount requested, but expressly provides that the group policy may exclude the option to elect term insurance. Term is therefore neither guaranteed nor mandated, and the form of the group contract does not decide the point.Source: Fla. Stat. § 627.566 — 627.566, Term insurance option
More florida statutes, rules, and regulations pertinent to life and annuity insurance, including variable products questions
- Group life proceeds are payable to a named beneficiary of a Florida insured who died owing debts. How does the creditor exemption apply?
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- On converting Florida group life coverage, which class of risk determines the individual policy's premium?
- On converting group life coverage in Florida, what premium and policy form apply to the individual contract?
- The current Florida replacement rule implements which two provisions most directly relevant to a life agent?
- Two Florida policyowners pay premiums on different schedules, one monthly and one annually. How does the statutory grace period compare?
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