Exams / Florida Life Insurance License / Fla. Stat. §627.559
Fla. Stat. §627.559 — what it says, and how the exam tests it
This section is cited by 3 of our practice questions and is tested on 4 exams including the Florida Life Insurance License.
The text
627.559 Grace period. — A group life insurance policy shall provide that the policyholder is entitled to a grace period of 31 days for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in force, unless the policyholder has given the insurer written notice of discontinuance in advance of the date of discontinuance and in accordance with the terms of the policy. The policy may provide that the policyholder is liable to the insurer for the payment of a pro rata premium for the time the policy was in force during such grace period.
Public record. Read the full, current section at the official source: www.leg.state.fl.us
How it comes up on the exam
Practice questions written from this section — answers and explanations are in the drill.
- A policyholder of a group life insurance policy fails to pay a premium when due. Under Fla. Stat. §627.559, what is the length of the grace period provided?
drill Florida Statutes, Rules and Regulations Pertinent to Life and Annuity → - Under Fla. Stat. §627.559, the 31-day grace period for a group life insurance policy may be terminated early if which condition is met?
drill Florida Statutes, Rules and Regulations Pertinent to Life and Annuity → - During the grace period of a group life insurance policy in Florida, what coverage continues?
drill Florida Statutes, Rules and Regulations Pertinent to Life and Annuity →