Insurance Rates and Contracts, the property, casualty, surety, premium-finance and risk-retention Parts (I, II, X, XI, XII, XV, XVI, XVII, XIX, XXII)

What this document is

Florida Statutes ch. 627 - Insurance Rates and Contracts, the property, casualty, surety, premium-finance and risk-retention Parts (I, II, X, XI, XII, XV, XVI, XVII, XIX, XXII) (ss. 627.011-627.9913) is a state statute published by The Florida Senate / Florida Legislature (flsenate.gov), official Florida Statutes. It is one of the Florida documents that insurance license exam questions are written from, including florida property & casualty, florida personal lines, florida claims adjuster 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. Sec. 627.405(1) (Insurable Interest; Property)

  “(1) No contract of insurance of property or of any interest in property or arising from property shall be enforceable as to the insurance except for the benefit of persons having an insurable interest in the things insured as at the time of the loss.”

• Fla. Stat. Sec. 627.409(2) (Representations in Applications; Warranties; Wet Marine and Transportation Policies)

  “(2) A breach or violation by the insured of a warranty, condition, or provision of a wet marine or transportation insurance policy, contract of insurance, endorsement, or application does not void the policy or contract, or constitute a defense to a loss thereon, unless such breach or violation...”

• Fla. Stat. Sec. 627.702(3) (Valued Policy Law; Situations in Which Subsections (1) and (2) Do Not Apply)

  “(3) The provisions of subsections (1) and (2) do not apply when: (a) Insurance policies are issued or renewed by more than one company insuring the same building, structure, mobile home, or manufactured building, and the existence of such additional insurance is not disclosed by the insured to all...”

• Fla. Stat. Sec. 627.712(2)(a)1. (Residential Windstorm Coverage; Conditions on an Exclusion by a Natural Person)

  “1. When the policyholder is a natural person, the policyholder personally writes or types and provides to the insurer the following statement and signs his or her name, which must also be signed by every other named insured on the policy, and dated:”

• Fla. Stat. Sec. 627.714(4) (Residential Condominium Unit Owner Coverage; Excess Coverage and Subrogation)

  “(4) Every individual unit owner’s residential property policy must contain a provision stating that the coverage afforded by such policy is excess coverage over the amount recoverable under any other policy covering the same property. If a condominium association’s insurance policy does not provide...”

• Fla. Stat. Sec. 627.715(8) (Flood Insurance; Agent Notice Before Replacing Program Coverage)

  “(8) An agent must provide a written notice to be signed by the applicant before the agent places flood insurance coverage with an admitted or surplus lines insurer for a property receiving flood insurance under the National Flood Insurance Program. The notice must notify the applicant that, if the...”

• Fla. Stat. Sec. 627.727(1) (Uninsured Motorist Coverage; Effect of a Signed Rejection Form)

  “If this form is signed by a named insured, it will be conclusively presumed that there was an informed, knowing rejection of coverage or election of lower limits on behalf of all insureds.”

• Fla. Stat. Sec. 627.727(3) (Uninsured and Underinsured Vehicle Coverage; When an Insured Vehicle Is Deemed Uninsured)

  “(3) For the purpose of this coverage, the term “uninsured motor vehicle” shall, subject to the terms and conditions of such coverage, be deemed to include an insured motor vehicle when the liability insurer thereof: (a) Is unable to make payment with respect to the legal liability of its insured...”

• Fla. Stat. Sec. 627.4132 (Stacking of Coverages Prohibited)

  “627.4132 Stacking of coverages prohibited. - If an insured or named insured is protected by any type of motor vehicle insurance policy for liability, personal injury protection, or other coverage, the policy shall provide that the insured or named insured is protected only to the extent of the...”

• Fla. Stat. Sec. 627.728(2) (Cancellations; Nonrenewals; Grounds for Cancellation)

  “(2) No notice of cancellation of a policy shall be effective unless it is based on one or more of the following grounds: (a) Nonpayment of premium. (b) Material misrepresentation or fraud. (c) The driver license or motor vehicle registration of the named insured or of any other operator who either...”

• Fla. Stat. Sec. 627.420 (Binders)

  “627.420 Binders. - Binders or other contracts for temporary property, marine, casualty, or surety insurance may be made orally or in writing, and shall be deemed to include all the usual terms of the policy as to which the binder was given together with such applicable endorsements as are...”

• Fla. Stat. Sec. 627.701(3)(a) (Deductibles; Notice of Available Hurricane Deductibles at Renewal)

  “The insurer must provide such policyholder with notice of the availability of the deductible amounts specified in this subsection in a form approved by the office in conjunction with each renewal of the policy. The failure to provide such notice constitutes a violation of this code but does not...”

Practice this material

Questions about this source

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