Exams / Florida Life Insurance License / Fla. Stat. §627.564
Fla. Stat. §627.564 — what it says, and how the exam tests it
This section is cited by 2 of our practice questions and is tested on 4 exams including the Florida Life Insurance License.
The text
627.564 Payment of benefits. — A group life insurance policy shall provide that any sum becoming due by reason of the death of the person insured be payable to the beneficiary designated by the person insured, except that, when the policy contains conditions pertaining to family status, the beneficiary may be the family member specified by the policy terms, subject to the provisions of the policy in the event there is no designated beneficiary living at the time of death of the person insured; all or any part of such sum shall be subject to any right reserved by the insurer in the policy and set forth in the certificate to pay at its option a part of the sum not exceeding $2,000 to any person appearing to the insurer to be equitably entitled thereto by reason of having incurred funeral or other expenses incident to the last illness or death of the person insured.
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.
- Under Fla. Stat. §627.564, a group life insurer may reserve the right to pay a portion of death proceeds to a person who incurred funeral or other expenses incident to the insured's last illness or death. What is the maximum amount the insurer may pay under this option?
drill Florida Statutes, Rules and Regulations Pertinent to Life and Annuity → - Under Florida law, when a group life insurance policy's death benefit becomes payable and there is no designated beneficiary living at the time of the insured's death, to whom is the sum payable?
drill Florida Statutes, Rules and Regulations Pertinent to Life and Annuity →