Policy Riders, Provisions, Options, and Exclusions
What problem does a grace period solve for a life insurance policyowner?
Answer and explanation
Answer: D. Section 627.453 entitles the insured to a grace period of not less than 30 days for payment of any premium after the first, during which the contract stays in force. Beneficiary changes, repricing, and policy loans are governed by separate provisions and are unaffected by the grace period.Source: Fla. Stat. § 627.453 — 627.453, Purpose of the grace period
More policy riders, provisions, options, and exclusions questions
- What benefit does a return of premium (ROP) term rider provide if the insured survives to the end of the term?
- What condition must be satisfied before a waiver of premium rider waives the policyowner's premium obligations?
- What does a life policy's suicide provision generally limit?
- What does an accidental death benefit rider generally provide when the insured dies from a covered accident?
- What does an incontestability provision do once its period has run?
- What dual protection does a disability income rider provide when attached to a life insurance policy?
589 Florida questions like this one.
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