Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
A Florida insured dies twenty months after issue, and the insurer discovers a material misrepresentation eight months later. Is the policy contestable?
Answer and explanation
Answer: A. Section 627.455 requires the policy to have been in force during the lifetime of the insured for two years from its date of issue before it becomes incontestable. The insured lived only twenty months, so the period never completed and the contract remains contestable. Time running after death does not close the period, and the statute does not apportion the benefit.Source: Fla. Stat. § 627.455 — 627.455, During the lifetime of the insured
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