214 Unit 24- FL statutes for Annuity contracts Only
an insurance company may not charge a fixed rate of more than _____ annual interest subject to restrictions, for polices issued on or after Oct 1, 1981.
10 %
an unconditional refund fro variable annuity contracts must also be available for a period of how long ?
21 DAYS
an unconditional refund of premiums for fixed annuity contact is how long ?
21 days
an unconditional refund of premiums for life insurance for variable annuity contracts must also be viable for a period of ______ days
21 days
every individual life insurance contract shall provide that the insured is entitled to a grace period of how long
30 days
purpose is to improve the buyers ability to select the most appropriate plan of life isnruace for his needs, improve the buyers understanding of the basic features of the policy that has been purchased or that is under consideration
Buyers guide
an advertisement shall not refer to an annuity as a _____ annuity
CD annuity
an advertisement shall not refer to premium as a what ?
Deposit
regarding replacements : the ______ is responsible for getting a statement signed by the applicant as to whether or not the new insurance will repack existing life insurance a signed statement as to whether or not the________ knows a replacement is or may be involved in the transactions
agent; agent
the insurer shall provide to each prospective purchaser what ? prior to accepting the app,icatants initial premium
buyers guide and policy summary
Any reference to policy dividends must include a statement that dividends are ___________.
not guaranteed
means a written statement of policy cost and benefit information
policy summary
life insurance policies delivered in Florida must contain the following nonforfeiture options :
reduced paid- up life insurance cash surrender value extended term life insurance
Any transaction in which new life insurance is purchased and, as a result, the existing life insurance will be surrendered is called:
replacement