Florida statues, rules, and regulations pertinent to life insurance

A paid-up nonforfeiture benefit will become effective as specified in the policy, unless the person entitled elects another available option within how many days after the due date of the premium in default?

60

In life policies issued in this state, Insurers are permitted to change interest during the policy grace period for the number of days elapsing before the premium is paid. What is the maximum annual interest rate?

8%

When replacing life insurance, the duties of the replacing insurance company include all the following except

Maintaining a copy of the Notice Regarding Replacement and all sales proposals used for at least 5 years.

Which term describes the benefits of a life insurance policy that the policy owner does not automatically relinquish even if the policy lapses?

Nonforfeiture values

During replacement of life insurance, replacing insurer must do which of the following?

Obtain a list of all life insurance policies that will be replaced

Which of the following insurance products will be subject to the regulation on life insurance solicitation?

Term life policy.

How would life insurance beneficiary designation naming a spouse be changed by divorce?

The beneficiary designation will be voided

And employer offers group life insurance to employees for the amount of 10,000. Which of the following is true?

The cost of coverage is a deductible expense by the employer

In order for a debtor group to qualify for group life insurance, what should be the minimum number of participants joining the plan every year?

100

When a group policy terminates, every individual insured under the policy will be entitled to have an individual policy if the insured has been insured by the group policy for at least how many years prior to policy termination?

5 years. When a group policy terminates, every individual insured under the policy at the date of such termination who has been so insured for at least 5 years prior to such termination date will be entitled to have issued to him by the insurer an individual policy of life insurance.

Who does the secondary notice provision protect?

Elderly Insureds

What kind of policy issue certificates of insurance to insurance?

Group insurance

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