Quick Answer: According To Florida Law, A Group Life Insurance Policy Requires A Minimum Of How Many Insureds?

0 Comments

What is the required minimum percentage of employee participation for a noncontributory group health insurance plan according to Florida law?

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.)

What is the minimum free look period for life insurance policies in Florida?

Florida mandates that insurers provide at least a 10 day period when a consumer can “ free look ” their policy. This means that the policy can be returned to the insurance company within the first 10 days of it being delivered, and the insurance company is required to refund all premiums.

You might be interested:  How To Find Annual Taxable Amount Of Life Insurance?

What are adjustable rate for life policy loans in Florida based on?

What are adjustable rates 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.

Which of the following employees may not be excluded from a group life plan?

Which of the following employees may NOT be excluded from a group life plan? Full-time employees after the probationary period. (All of these employees may be excluded from a group life plan except for “Full time employees after the probationary period”).

How many hours of continuing education are required every 2 years for Florida life and health agents?

(a) Each licensee must complete 3 hours of continuing education, approved by the department, every 2 years on the subject matter of ethics.

Which of the following situations are not subject to Florida life insurance laws?

Which of the following situations are NOT subject to Florida life insurance laws? Florida life insurance laws apply to all of these situations EXCEPT ” Insurance companies’ day-to-day operations”. The correct answer is “they are insured by an authorized insurer”.

What is the free look period in Florida?

The free look provision provides the applicant the time to examine new policies with no obligation once the applicant receives the issued policy. The free look period in Florida for life insurance and annuity contracts is 14 days from policy delivery.

How long does it take to get a life insurance check in Florida?

Once a decision is reached, beneficiaries can expect to receive their money in anywhere from a couple of weeks to 45 days. State laws usually specify the maximum amount of time that can elapse before the life insurance company must send you your check.

You might be interested:  Readers ask: How To Find The Expected Value Of Life Insurance?

What is the minimum free look period for newly issued life insurance policies in this state?

The free look period is a required period of time, typically 10 days or more, in which a new life insurance policy owner can terminate the policy without penalties, such as surrender charges.

Which is an example of an unfair claims settlement practice?

Typical Example of Unfair Claims Practice The insurance company delays payment, rendering the business owner unable to repair any of the damage. The insurance company continues using delay tactics to avoiding making a payment. For example, the claims representative keeps “forgetting” to send the claim forms.

Which type of rider will waive the premium?

A waiver of premium rider is an optional insurance policy clause that waives insurance premium payments if the policyholder becomes critically ill or disabled. To purchase a waiver of premium rider you may need to meet certain requirements for age and health.

Which of the following is an example of an unfair trade practice?

Some examples of unfair trade methods are: the false representation of a good or service; false free gift or prize offers; non-compliance with manufacturing standards; false advertising; or deceptive pricing.

What percentage of eligible persons must a policy cover in a noncontributory group?

Under a noncontributory plan, the employer pays the entire premium. Insurance companies typically require 100 percent of eligible employees to participate in noncontributory plans.

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.

You might be interested:  FAQ: How Much Can I Borrow On My Life Insurance Policy?

What type of group life insurance policy may coverage be provided for eligible family members and dependents?

Voluntary dependent life insurance, also called dependent group life insurance, is often made available as part of a benefits plan through employers. Dependent insurance can cover your spouse, children and any other eligible dependents, depending upon the rules laid out in the plan.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Post