Florida statutes rules and regulations pertinent to life insurance
claim
A request for payment of the benefits provided by an insurance contract
ERISA
Employee Retirement Income Security Act of 1974 Defines federal standards for private pension plans
The code of ethics of the Florida Association of insurance and financial advisors
Establishes a broad outline defining appropriate and inappropriate business behavior for life insurance agents. It also establishes the activities of agents as one of public trust.
lapse
Policy termination due to nonpayment of premium
disclosure
Revealed information to help someone make an intelligent and educated decision
Florida Replacement Rule
Sets forth the requirements and procedures to be followed by insurance companies and agents when a proposal is being made In which a prospective life insurance buyer will be replacing existing insurance contracts with a proposed new insurance
promulgate
To make public to put into action (eg. -Laws, court decrease, and similar)
suitability
a requirement to determine if an insurance product is appropriate for a customer
Nonforfeiture Values
benefits in a life insurance policy that the policyowner cannot lose even if the policy is surrendered or lapses
policy proceeds
in life insurance, the death benefit
Florida Life Insurance Solicitation Law
spells out the information and procedures required of agents and insurers when proposing life insurance to a prospective buyer.