Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
An insured aged 70 misses a premium and the grace period expires. Before the policy may lapse, what must the insurer do under section 627.4555?
Answer and explanation
Answer: B. Section 627.4555 requires that, after the grace period expires and at least 21 days before the effective date of any lapse, the insurer mail notification of the impending lapse to the policyowner and any designated secondary addressee. The section fixes 21 days rather than 14 or 30 and requires notice rather than consent.Source: Fla. Stat. § 627.4555 — 627.4555, Notice before lapse
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