627.608 Grace period.—
(1) If the insurer reserves the right to refuse renewal, the contract shall include the following provision:
“Grace Period: This policy has a (insert a number not less than ‘7’ for a weekly premium policy, ‘10’ for a monthly premium policy, or ‘31’ for all other policies) day grace period. This provision means that if a renewal premium is not paid on or before the date it is due, it may be paid during the following grace period. The grace period will not apply if, at least 30 days before the premium due date, the insurer has delivered or mailed to the insured’s last address shown in the insurer’s records written notice of the insurer’s intent not to renew this policy. During the grace period, the policy will stay in force.”
(2) If the insurer does not reserve the right to refuse renewal, the contract shall include the following provision:
“Grace Period: This policy has a (insert a number not less than ‘7’ for a weekly premium policy, ‘10’ for a monthly premium policy, or ‘31’ for all other policies) day grace period. This provision means that if a renewal premium is not paid on or before the date it is due, it may be paid during the following grace period. During the grace period, the policy will stay in force.”
History.—s. 551, ch. 59-205; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 457, 497, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 114, ch. 92-318.
Section: Previous 627.6043 627.6044 627.6045 627.605 627.6056 627.606 627.607 627.608 627.609 627.610 627.611 627.612 627.613 627.6131 627.614 NextLast modified: September 23, 2016