Florida Statutes, Rules, and Regulations Pertinent to Life and Annuity Insurance, Including Variable Products
What problem is Florida's secondary addressee requirement designed to address?
Answer and explanation
Answer: C. Section 627.4555 requires notice of an impending lapse to go to the policyowner and to any designated secondary addressee for policies covering a person 64 or older, so that someone besides the insured learns the coverage is about to end. Underwriting standards, discovery of policies after death, and replacement disclosure are governed by other provisions.Source: Fla. Stat. § 627.4555 — 627.4555, Purpose of the secondary addressee
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