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?