Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
An insured aged 68 misses a Florida individual life premium. In what order do the grace period and the lapse notice operate?
Answer and explanation
Answer: B. Section 627.453 supplies a grace period of not less than 30 days, and section 627.4555 requires that after the grace period expires the insurer mail notice of the impending lapse at least 21 days before it takes effect for an insured 64 or older. The two protections run in sequence rather than together, and the notice adds to the grace period rather than replacing it.Source: Fla. Stat. § 627.453 — 627.4555 read with 627.453
More florida statutes, rules, and regulations pertinent to life and annuity insurance, including variable products questions
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