State RegulationsFL specificDifficulty 1/5
Which statement about provisions in Florida individual life policies is correct under Florida's standard provision law?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Under Chapter 627, Florida Statutes, the standard provisions set protective floors - such as the minimum grace period and incontestability limits - and an insurer is free to give policyowners more than the statute requires, but a provision that falls below a statutory minimum is prohibited. The Florida Office of Insurance Regulation (OIR) reviews life policy forms, and the DFS enforces these standards in market-conduct examinations.
Why the other options are wrong
- A) Exact statutory wording is not required; insurers may draft their own language so long as it is not less favorable than the statute.
- B) Disclosure does not cure a provision that falls below a statutory minimum protection.
- C) The OIR and DFS review forms and enforce standards but do not pre-approve every provision of every policy.
Memory hook
More protection is fine; less is prohibited.