Florida Statutes Part III - Life Insurance And Annuity Contracts (Ss. 627.451-627.482)

• 627.451 - Scope Of This Part.
  This part applies to life insurance and annuity contracts, other than reinsurance, group life insurance, group annuities, and industrial life insurance; except that ss. 627.463,...
• 627.452 - Standard Provisions Required.
  (1) No policy of life insurance, except as stated in subsection (3), shall be delivered or issued for delivery in this state unless it contains in...
• 627.453 - Grace Period.
  Every insurance contract shall provide that the insured is entitled to a grace period of not less than 30 days within which payment of any...
• 627.454 - Entire Contract; Statements In Application.
  Every insurance contract shall provide that the policy, or the policy and the application therefor if a copy of such application is endorsed upon or...
• 627.455 - Incontestability.
  Every insurance contract shall provide that the policy shall be incontestable after it has been in force during the lifetime of the insured for a...
• 627.4553 - Recommendations To Surrender.
  (1) If an insurance agent recommends the surrender of an annuity or life insurance policy containing a cash value and does not recommend that the proceeds...
• 627.4554 - Annuity Investments.
  (1) PURPOSE.—The purpose of this section is to require insurers to set forth standards and procedures for making recommendations to consumers which result in transactions involving...
• 627.4555 - Secondary Notice.
  Except as provided in this section, a contract for life insurance issued or issued for delivery in this state on or after October 1, 1997,...
• 627.4556 - Life Insurance Automatic Policy Loan Provision.
  If an application for an individual life insurance policy provides an option to the applicant for an automatic policy loan against the cash value of...
• 627.456 - Misstatement Of Age Or Sex.
  Every insurance contract shall provide that if it is found that the age or sex of the insured, or of any other individual considered in...
• 627.457 - Dividends.
  (1) Every participating policy shall provide that, beginning not later than the end of the third policy year, the insurer shall annually ascertain and apportion the...
• 627.458 - Policy Loan.
  (1) There shall be a provision that after the policy has a cash surrender value and while no premium is in default, the insurer will advance,...
• 627.4585 - Maximum Rate Of Interest On Policy Loans.
  (1) For the purposes of this section, the “published monthly average” means the value of the interest rate index, as defined in s. 625.121(6)(e).(2) Policies issued on...
• 627.459 - Reinstatement.
  Every contract shall provide that the policy may be reinstated upon written application therefor at any time within 3 years after the date of default...
• 627.460 - Authority To Alter Contract.
  Every contract shall provide, at the option of the insurer, that no agent shall have the power or authority to waive, change, or alter any...
• 627.4605 - Replacement Notice.
  A notice to a current insurer of a replacement of a current life insurance policy is not required in a transaction involving:(1) An application to the...
• 627.461 - Settlement On Proof Of Death.
  Every contract shall provide that, when a policy becomes a claim by the death of the insured, settlement shall be made upon receipt of due...
• 627.4615 - Interest Payable On Death Claim Payments.
  When a policy provides for payment of its proceeds in a lump sum upon the death of the insured, the payment must include interest, at...
• 627.462 - Table Of Installments.
  If a policy provides for payment of its proceeds in installments, a table showing the amount and period of such installments shall be included in...
• 627.463 - Excluded Or Restricted Coverage.
  A clause in any policy of life insurance providing that such policy shall be incontestable after a specified period shall preclude only a contest of...
• 627.464 - Annuity Contracts, Pure Endowment Contracts; Standard Provisions.
  (1) No fixed-dollar annuity, variable annuity, or pure endowment contract, other than a reversionary annuity, survivorship annuity, or group annuity, shall be delivered or issued for...
• 627.465 - Annuity Contracts, Pure Endowment Contracts; Grace Period.
  In a fixed-dollar annuity, variable annuity, or pure endowment contract, other than a reversionary, survivorship, or group annuity, the contract shall provide that there shall...
• 627.466 - Annuity Contracts, Pure Endowment Contracts; Incontestability.
  If any statements, other than those relating to age, sex, and identity, are required as a condition to issuing a fixed-dollar annuity contract, variable annuity...
• 627.467 - Annuity Contracts, Pure Endowment Contracts; Entire Contract.
  In a fixed-dollar annuity contract, variable annuity contract, or pure endowment contract, other than a reversionary, survivorship, or group annuity, the contract shall provide that...
• 627.468 - Annuity Contracts, Pure Endowment Contracts; Misstatement Of Age Or Sex.
  In a fixed-dollar annuity contract, variable annuity contract, or pure endowment contract, other than a reversionary, survivorship, or group annuity, the contract shall provide that...
• 627.469 - Annuity Contracts, Pure Endowment Contracts; Dividends.
  If a fixed-dollar annuity contract, variable annuity contract, or pure endowment contract is participating, the contract shall contain a provision that, beginning not later than...
• 627.470 - Annuity Contracts, Pure Endowment Contracts; Reinstatement.
  In a fixed-dollar annuity contract, variable annuity contract, or pure endowment contract, other than a reversionary, survivorship, or group annuity, the contract shall provide that...
• 627.471 - Reversionary Annuities; Standard Provisions.
  (1) Except as stated in this section, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains...
• 627.472 - Incontestability After Reinstatement.
  A reinstated policy of life insurance, fixed-dollar annuity contract, or variable annuity contract may be contested on account of fraud or misrepresentation of facts material...
• 627.473 - Policy Settlements.
  Any life insurer shall have the power to hold under agreement the proceeds of any policy issued by it, upon such terms and restrictions as...
• 627.474 - Policy Must Contain Entire Contract.
  No life insurer or its agent shall make any contract of insurance or agreement as to such contract other than as plainly expressed in the...
• 627.475 - Nonforfeiture Benefits; Certain Interim Policies.
  Each life insurance policy issued between the effective date of this code and the operative date of s. 627.476 shall provide:(1) That, in the event of...
• 627.476 - Standard Nonforfeiture Law For Life Insurance.
  (1) SHORT TITLE.—This section shall be known as the “Standard Nonforfeiture Law for Life Insurance.”(2) NONFORFEITURE PROVISIONS.—In the case of policies issued on or after the operative...
• 627.479 - Prohibited Policy Plans.
  (1) No insurer shall issue policies, certificates, or contracts to policyholders or members providing for the grouping of its policyholders or members into groups and divisions,...
• 627.480 - Cash Payments Of Single-premium Life Policies.
  Premiums for single-premium life insurance policies shall be paid in cash. This section is not applicable to the use of dividends to purchase paid-up additional...
• 627.481 - Requirements For Certain Annuity Agreements.
  (1) Any duly organized domestic or foreign nonstock corporation, or any unincorporated charitable trust, if such corporation or trust:(a) Has been in active operation for at least...
• 627.482 - Interest Payable On Cash Surrender Of Policy.
  (1) If an insured requests payment of the cash surrender value of a policy from its insurer, such payment shall include interest at the rate of...

Last modified: September 23, 2016