Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
A Florida life policy contains a clause allowing the insurer to contest the contract at any time during the insured's life. What is wrong with it?
Answer and explanation
Answer: B. Section 627.455 requires that the policy be incontestable after it has been in force during the lifetime of the insured for two years from its date of issue, except for nonpayment of premium. An open-ended right to contest conflicts with that minimum, which typeface or an initial cannot cure. Section 627.456 concerns misstatement of age or sex rather than a contest period.Source: Fla. Admin. Code ch. 69O-151 — 627.455 and 627.456 as required provisions
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