Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
On converting group life coverage in Florida, what premium and policy form apply to the individual contract?
Answer and explanation
Answer: D. Section 627.566 sets the premium at the insurer's then customary rate applicable to the form and amount, to the class of risk to which the person then belongs, and to the person's age attained on the effective date, and allows any one of the forms the insurer then customarily issues. The group policy may exclude the option to elect term insurance, so a term form is not guaranteed.Source: Fla. Stat. § 627.566 — 627.566, Premium and form
More florida statutes, rules, and regulations pertinent to life and annuity insurance, including variable products questions
- A lender wishes to cover its borrowers, and a credit union wishes to cover its members, each under a group life contract. How does Florida treat these?
- A study guide cites rule 69O-151.005 for the agent's duties on replacement. Why should the agent not rely on it?
- A trust established by several employers, and a professional association, each seek group life coverage in Florida. How are they treated?
- After a Florida divorce, the decedent signed a new designation expressly naming the former spouse. What is the effect?
- After how long may the validity of a Florida group life policy no longer be contested, apart from nonpayment of premium?
- An agent must state the grace period for a Florida individual life policy and for a group life policy. What are the two figures?
589 Florida questions like this one.
Every answer explained, the ones you miss come back on a spaced schedule, and a plan built from your exam date.