Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
Two Florida policyowners pay premiums on different schedules, one monthly and one annually. How does the statutory grace period compare?
Answer and explanation
Answer: A. Section 627.453 states the requirement as a grace period of not less than 30 days for any premium after the first and draws no distinction between weekly, monthly, annual, or other payment modes. The insurer may grant more than the statutory minimum but may not set a shorter period for a particular mode.Source: Fla. Stat. § 627.453 — 627.453, Premium mode
More florida statutes, rules, and regulations pertinent to life and annuity insurance, including variable products questions
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