Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
An employee is dismissed and the employer removes the employee from the Florida group plan the same day. What right survives?
Answer and explanation
Answer: C. Section 627.566 gives a person whose eligibility terminates 31 days to apply for an individual policy and pay the first premium, issued without evidence of insurability at the attained-age rate. The statute supplies a conversion right rather than continued group coverage, a reinstatement right, or a premium refund.Source: Fla. Stat. §§ 627.552-627.5575 — 627.552 read with 627.566
More florida statutes, rules, and regulations pertinent to life and annuity insurance, including variable products questions
- A Florida group life policy terminates, and a covered person dies during the period allowed to convert but before applying. Which sections address that sequence?
- A Florida group member dies within the conversion window without having applied. Which section addresses that?
- A Florida individual life policy has been in force during the insured's lifetime for three years. On what basis may the insurer still contest it?
- A Florida individual life premium is thirty-two days overdue and nothing has been paid. What is the position?
- A Florida insured dies owing money to several creditors. The policy names her adult son as beneficiary. What happens to the death proceeds?
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