Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
What minimum grace period must a Florida life insurance contract allow for payment of a premium after the first?
Answer and explanation
Answer: B. Section 627.453 requires every insurance contract to provide the insured a grace period of not less than 30 days within which payment of any premium after the first may be made. Thirty-one days is the figure used in some other states, and neither twenty-eight nor sixty days appears in this section.Source: Fla. Stat. § 627.453 — 627.453, Minimum grace period
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