Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
Does Florida's statutory grace period apply to the very first premium on a life policy?
Answer and explanation
Answer: B. Section 627.453 requires a grace period of not less than 30 days within which payment of any premium after the first may be made. The initial premium is what puts the contract in force and falls outside the provision, which is not limited by delivery or by policy year.Source: Fla. Stat. § 627.453 — 627.453, Any premium after the first
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