Florida Life Insurance (FL)

The state of Florida has instigated laws and regulations in order to financially protect both insurers and consumers.

Florida Life Insurance Laws Protecting Consumers (FL)

Life insurance claim procedures and policy requirements are regulated under the Florida Insurance Code (FLIN-ADC). These were put into place in an effort to protect you, the insurance consumer. These policies include:

"Free Look": Florida law requires life insurance companies to allow you a “Free Look”. Under this provision, you are granted 10-days to review your policy and cancel it for any reason. You are also entitled to a full refund of all premiums paid.
A 30-day grace period for all late payments is also required by Florida law. This allows you, the consumer, one month to make your payment after your due date without worry of your life insurance policy being canceled by the insurer.
Florida’s Department of Insurance recently passed consumer privacy standards requiring insurance companies to ask permission before sharing your private medical records.

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Florida Life Insurance Regulations Protecting Insurers (FL)

Any medical information that you may request from your life insurance company will be sent to your doctor of choice instead of to you. All requests should be complied within thirty days, but there is no law mandating such requests.
On the other hand, any fictitious or fraudulent information given on a life insurance application by the insured will result in a policy cancellation with all premiums refunded. Any age misstatements will usually mean a recalculation of death benefits.
Florida law does not mandate payment for suicide as a death benefit, and individual companies may or may not choose to cover it.

Additional FLorida Life Insurance Regulations (FL)

When a life insurance claim is filed in the state of Florida, the following information must be provided to the insurance company:

A fully completed claim form.
A copy of the insurance policy.
A certified copy of the death certificate.

Although there is not a law enforcing a time limit on settlements in Florida, interest begins to accrue on a death benefit immediately from when the insurer receives proof of death until the settlement is finalized.

Viatical settlements are an agreement between an insured individual and a third party. The third party is responsible for all premium payments, and in turn is the unalterable beneficiary of the insured individual’s life insurance policy. Viatical settlements are both legal and regulated in the state of Florida.

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Life-Insurance-Info.us is not a life insurance broker or carrier, and cannot issue life insurance policies. This site provides free information on insurance providers and coverage options. We are not associated with the companies profiled on Life-Insurance-Info.us and we make no representation, express or implied, that you will receive a quote from a specific company profiled herein. Products and policies may not be available in all states, and product and policy information is subject to change without notice. Please contact the insurance company directly to answer your policy inquiries.

Last Updated: June 16, 2009