Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
For an annuity issued to a Florida consumer aged 70, when must the surrender or deferred sales charge be eliminated altogether?
Answer and explanation
Answer: B. Section 627.4554(9) requires the charge to be eliminated after the 10th policy year or 10 years from the date of each premium payment, whichever occurs later, so a premium paid late in the contract carries its own ten-year run. A flat fifth or tenth policy year rule and an age-based cut-off each miss the whichever-is-later element the statute states.Source: Fla. Stat. § 627.4554 — 627.4554(9), Elimination of the charge
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