Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
A Florida group certificate holder assigns the death benefit to a lender. What two questions arise?
Answer and explanation
Answer: B. Whether an assignment may be made is a matter of the required and permitted provisions of the group contract under section 627.558, and section 222.13(1) makes the creditor exemption for proceeds payable to a named beneficiary yield where the policy or a valid assignment provides otherwise. Eligibility, premium status, and contestability are separate questions.Source: Fla. Stat. §§ 627.551-627.5575 — 627.558 read with 222.13
More florida statutes, rules, and regulations pertinent to life and annuity insurance, including variable products questions
- A covered employee dies during a Florida group life policy's grace period, before the premium is paid. What does section 627.559 provide?
- A creditor seeks to garnish the cash surrender value of a life policy issued on the life of a Florida resident. What does Florida law provide?
- A departing Florida employee wants to convert group coverage to an individual term policy. What does section 627.566 allow?
- A Florida applicant discovers after issue that an extra benefit was added and charged for without being mentioned. Which practice is that?
- A Florida applicant is buying an additional life policy. Which document must reach the applicant, and when?
- A Florida applicant will fund an additional policy using values from an existing contract. What does the current rule require about the loan or surrender paperwork?
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