Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
Under a Florida group life policy, who is entitled to the statutory grace period?
Answer and explanation
Answer: B. Section 627.559 provides that the group life insurance policy shall provide that the policyholder is entitled to a grace period of 31 days for payment of any premium due except the first. The right runs to the policyholder that pays the premium, not to individual employees, beneficiaries, or the insurer.Source: Fla. Stat. § 627.559 — 627.559, Who holds the grace period right
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