Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
A Florida individual life premium is thirty-two days overdue and nothing has been paid. What is the position?
Answer and explanation
Answer: A. Section 627.453 requires a grace period of not less than 30 days for any premium after the first, so a payment thirty-two days late has passed the statutory minimum, though a particular contract may grant more. Sixty days is not the statutory figure, and neither accruing interest nor the absence of a notice keeps the contract in force beyond the period.Source: Fla. Stat. § 627.453 — 627.453 applied to a lapse question
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