Insurance - Florida Statutes/Rules/Regulations for Life Insurance

Replacement

Any transaction in which new life insurance or a new annuity is purchased and, as a result, the existing life insurance or annuity has been or will be losing value or removed

Replacing Insurer

Company that issues the new policy to replace existing policy

Existing Insurer

Company whose policy is being replaced by new policy

31 days

Grace period for GROUP life insurance?

Immediately

How long does the replacing insurer have to notify the existing insurer?

5 years

How long must agents/insurers retain info collected from senior consumers that was used in making recommendations that were the basis for insurance transactions?

3 years

How long should copies of replacement paperwork be kept

100 persons per yr

How many new people per year must a debtor group be receiving to get group isnurance in Florida?

5 years

If a group policy terminates, every insured has a right to convert to an individual policy with same terms if they have been insured for ___ or more years

Group Life Insurance

In Florida, this is a policy that provides coverage to more than one person under the same policy

2 years

Incontestability period for GROUP life insurance?

Senior Consumer

Individual 65 years or older

8%

Max interest charged on unpaid premiums?

10%

Max interest rate allowed in Florida for loans on policy?

15

Minimum age in Florida for entering into life insurance or annuity contract?

within 31 days, they can

T/F Insureds, upon terminating group insurance, can convert to individual coverage without evidence of insurability

False; policy summary must be separate document

T/F The policy summary and sales illustration are combined into one document

True

T/F the insurer reserves to right to require an insurance applicant to provide evidence of individual isnurability as a condition to coverage in group insurance in Florida

Code of Ethics of the Florida Association of Insurance and Financial Advisers

This 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

Policy Summary

This is a written statement that describes the elements of the policy, and includes key features, conditions, and restrictions of the policy being applied for.

Disclosure Statement

This is a written statement that provides basic info about the cost and coverage of insurance being solicited, for the applicant

Secondary Notice Provision

This provision protects elderly insureds. Coverage for 64+ that has been in force for 1+ yrs cannot lapse for nonpayment of premium after grace period, without insurer notifying policyowner and a specified secondary addressee of impending lapse in coverage

Florida Replacement Rule

This 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 with proposed new insurance

Florida Life Insurance Solicitation Law

This spells out the information and procedures required of agents and insurers when proposing life insurance to a prospective buyer

Notice Regarding Replacement

What document must be signed by both applicant and producer, and copy given to applicant, when buying new insurance to replace old insurance

30 days

What is the required grace period in Florida?

Annually renewable term insurance

What type of insurance is group life generally?

5 working days

how many days does company have to send comparative info form after an individual switches insurances to them (if applicant requests)

insurer who is selling the policies

regardless of who wrote, created etc... advertisements for insurance, who is responsible?