Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
A Florida group life policy is terminated by the employer, and separately one employee leaves the firm. Which sections govern each conversion?
Answer and explanation
Answer: B. Section 627.566 covers conversion on termination of an individual's eligibility, which fits the departing employee, while section 627.567 covers conversion on termination of the policy itself. Section 627.568 addresses death pending conversion rather than the conversion right.Source: Fla. Stat. § 627.566 — 627.566 compared with 627.567
More florida statutes, rules, and regulations pertinent to life and annuity insurance, including variable products questions
- 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?
- A Florida client asks an agent to surrender an existing annuity. What must the agent do before the surrender is executed?
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