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.