Florida Statutes Part IV - Industrial Life Insurance Policies (Ss. 627.501-627.522)
- 627.501 - Scope Of This Part.
The provisions of this part apply only to industrial life insurance policies. Sections 627.463, 627.472, 627.476, and 627.479 also apply to industrial life insurance policies.History.—s....
- 627.502 - “industrial Life Insurance” Defined; Reporting.
(1) For the purposes of this code, “industrial life insurance” is that form of life insurance written under policies under which premiums are payable monthly or...
- 627.503 - Required Provisions.
(1) No policy of industrial life insurance shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions...
- 627.504 - Grace Period.
The policy shall provide that the insured is entitled to a grace period of 4 weeks within which the payment of any premiums due after...
- 627.5045 - Secondary Notice.
Except as provided in this section, a contract for an industrial life insurance policy issued or issued for delivery in this state on or after...
- 627.505 - Entire Contract; Statements In Application.
The policy shall provide that the policy shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon...
- 627.506 - Incontestability.
The policy shall provide that the policy shall be incontestable after it has been in force during the lifetime of the insured for a period...
- 627.507 - Misstatement Of Age Or Sex.
The policy shall provide that if it is found that the age or sex of the insured, or of any other individual considered in determining...
- 627.508 - Dividends.
Every participating policy shall provide that the insurer shall annually ascertain and apportion any divisible surplus accruing on the policy. This provision shall not prohibit...
- 627.509 - Reinstatement.
The policy shall provide that the policy may be reinstated at any time within 3 years after the date of default in the payment of...
- 627.510 - Settlement On Proof Of Death.
(1) The policy shall provide that when the policy becomes a claim by the death of the insured, settlement shall be made upon surrender of the...
- 627.511 - Authority To Alter Contract.
The policy shall provide that no agent shall have the power or authority to waive, change, or alter any of the terms or conditions of...
- 627.512 - Beneficiary.
The policy shall provide a space for the name of the beneficiary designated with a reservation of the right to designate or change the beneficiary...
- 627.513 - Facility Of Payment.
The policy may also provide that if the beneficiary designated in the policy does not make a claim under the policy or does not surrender...
- 627.514 - Nonforfeiture Benefits; Certain Interim Policies.
Each industrial life insurance policy delivered or issued for delivery between the effective date of this code and the operative date of s. 627.476 shall...
- 627.515 - Title Of Industrial Life Insurance Policy.
There shall be a title on the face of each such policy briefly describing its form.History.—s. 521, ch. 59-205; s. 3, ch. 76-168; s. 1,...
- 627.516 - Advance Payment Of Premiums.
Each insurer shall allow a refund or discount on advance premiums paid for an industrial life insurance policy if such premiums are paid in a...
- 627.517 - Conversion.
Each industrial life insurance policy delivered or issued for delivery on or after January 1, 1981, shall provide that if, upon the sale of any...
- 627.521 - Disclosure Statements.
Each industrial life insurance premium receipt book delivered in this state on or after January 1, 1983, shall contain the following disclosure statement: “You are...
- 627.522 - Policy Requirements And Prohibitions.
(1) An industrial life insurance policy may not exclude or restrict the payment of the face amount by reason of the fact that the death of...
Last modified: September 23, 2016