Standard Nonforfeiture Law for life insurance

What this document is

Florida Statutes s. 627.476 - Standard Nonforfeiture Law for life insurance is a state statute published by Florida Legislature (flsenate.gov). It is one of the Florida documents that insurance license exam questions are written from, including florida life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Fla. Stat. § 627.476 (Standard Nonforfeiture Law for Life Insurance)

  “(b) That upon surrender of the policy within 60 days after the due date of any premium payment in default after premiums have been paid for at least 3 full years in the case of ordinary insurance or 5 full years in the case of industrial insurance, the insurer will pay, in lieu of any paid-up...”

• Fla. Stat. § 627.476(2)(b) (cash surrender value on surrender after default)

  “That upon surrender of the policy within 60 days after the due date of any premium payment in default after premiums have been paid for at least 3 full years in the case of ordinary insurance or 5 full years in the case of industrial insurance, the insurer will pay, in lieu of any paid-up...”

• Fla. Stat. § 627.476(2)(a) (paid-up nonforfeiture benefit on default)

  “That in the event of default in any premium payment, after premiums have been paid for at least 1 full year in the case of ordinary insurance or 3 full years in the case of industrial insurance, the insurer will grant, upon proper request not later than 60 days after the due date of the premium in...”

• Fla. Stat. § 627.476(2)(f) (required statement of minimum values)

  “A statement that the cash surrender values and the paid-up nonforfeiture benefits available under the policy are not less than the minimum values and benefits required by or pursuant to the insurance law of this state;”

• Fla. Stat. § 627.476(10) (Indeterminate Premiums or Minimum Values)

  “(10) INDETERMINATE PREMIUMS OR MINIMUM VALUES. - In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurer based on then estimates of future experience, or in the case of any plan of life insurance which is of...”

• Fla. Stat. § 627.476(13) (Exceptions)

  “(13) EXCEPTIONS. - This section does not apply to any: (a) Reinsurance; (b) Group insurance; (c) Pure endowment contract; (d) Annuity or reversionary annuity contract; (e) Term policy of uniform amount which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of, 20...”

• Fla. Stat. § 627.476(2)(e) (Statement of Mortality Table and Table of Values)

  “(e) In the case of a policy which causes on a basis guaranteed in the policy unscheduled changes in benefits or premiums, or which provides an option for changes in benefits or premiums other than a change to a new policy, a statement of the mortality table, interest rate, and method used in...”

• Fla. Stat. § 627.476(3) (Omitted Provisions; Deferral of Cash Surrender Value)

  “(3) OMITTED PROVISIONS. - Any of the provisions or portions thereof set forth in paragraphs (2)(a)-(f) which are not applicable by reason of the plan of insurance may, to the extent inapplicable, be omitted from the policy. The insurer shall reserve the right to defer the payment of any cash...”

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More Florida sources

• Florida Administrative Code, Division 69O: chs. 69O-123 (Civil Remedy), 69O-124 (Anti-Coercion), 69O-125 (Unfair Discrimination), 69O-142 (Insurer Conduct), 69O-153 (Deceptive Insurance Practices), 69O-189 (Workers' Compensation), 69O-196 (Premium Finance Companies), 69O-215 (Agents), 69O-220 (Adjusters), 69O-228 (Continuing Education), 69O-230 (General Ethics and Disclosure Requirements) and 69O-231 (Penalty Guidelines for Insurance Representatives) (98 rules, 69O-123.001-69O-231.160)Regulation
• Florida Administrative Code, Division 69O (Office of Insurance Regulation): chs. 69O-166 (Property and Casualty Insurer Practices), 69O-167 (Property and Casualty Insurance Contracts), 69O-170 (Property and Casualty Insurance Rating), 69O-175 (Motor Vehicle Insurance) and 69O-176 (Motor Vehicle Insurance Requirements), 87 of the 89 rules the publisher lists (the two omitted are 69O-170.021 and 69O-170.022, transferred stubs whose .doc file holds a title and nothing else) (87 rules, 69O-166.021-69O-176.022)Regulation
• Florida Statutes s. 626.112 - License and appointment requiredState statute
• Florida Statutes s. 626.2815 - Continuing education requirementsState statute
• Florida Statutes s. 626.611 - Grounds for compulsory refusal, suspension, or revocation of licenseState statute
• Florida Statutes s. 626.621 - Grounds for discretionary refusal, suspension, or revocation of licenseState statute
• Florida Statutes s. 626.641 - Duration of suspension or revocation of licenseState statute
• Florida Statutes s. 626.7451 - Managing general agents; required contract provisionsState statute