What is the required minimum percentage of employee participation for a noncontributory group health insurance plan according to Florida law?
Most noncontributory group health plans require 100% participation by eligible members. Under Florida law, there is no specific minimum percentage participation for employees covered by employee group health insurance.
What is the minimum grace period for group life insurance policies in Florida?
31 days
What is Florida definition of life insurance replacement?
What is Florida’s definition of Life insurance replacement? A transaction in which a new policy is bought and an old policy is terminated. S takes out a health insurance policy which contains a provision that states that the agent does not have the authority to change the policy or waive any of its provisions.
Which of the following professional organization has its code of ethics incorporated into Florida law?
the National Association of Insurance and Financial Advisors
What are adjustable rate for life policy loans in Florida based on?
Adjustable rates for life insurance policy loans in Florida are based on Moody’s corporate bond index. The maximum contestability period for most life insurance policies is 2 years. Making a material misrepresentation to an insured is considered to be an unfair trade practice.
What is an example of rebating?
An example of rebating is when the prospective insurance buyer receives a refund of all or part of the commission for the insurance sale. Rebates can be made in the form of cash, gifts, services, payment of premiums, employment, or almost any other thing of value.
How long is the free look period in Florida?
Free Look Period: An unconditional refund for a period of at least 14 days once the life insurance contract is delivered. The free look period for a life insurance policy issued before 1/1/2009 was 10 days. The Variable Life policies do not have a free look period.
What is the minimum free look period for a fixed annuity in Florida?
21 days
How long is the grace period in group policies?
The policy shall contain a provision that the policyholder is entitled to a grace period of thirty-one (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 gives the insurer written notice of discontinuance …
What is the Florida replacement rule?
The Florida Replacement Rule sets forth the requirements and procedures to be followed by insurance companies and insurance producers when a proposal is being made to a client who plans to replace existing life insurance contract(s) with the proposed new life insurance policy.
What is required in the Florida Employee Health Care Act?
The Florida Health Care Access Act allows small businesses to provide group health insurance coverage for its employees on a guarantee-issue basis regardless of health circumstances, preexisting conditions, or claims history.
What is the required minimum percentage of employee participation for a noncontributory group health insurance plan?
Typically, noncontributory plans require 100% employee participation; contributory plans usually require approximately 75% participation. (However, under Florida law there is no specific minimum percentage participation for employees covered by employee group health insurance.)
How long is a Florida insurance agency license effective?
90 days
How long is an agents appointment good for in Florida?
Agency licenses are perpetual as long as there is an agent-in-charge effectively designated. An agency license will expire after 90 days without an agent-in-charge.