State RegulationsFL specificDifficulty 2/5
Who can change the terms of a Florida group life master policy?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under Chapter 627, Florida Statutes, the group life master policy is a contract between the insurer and the policyholder - the employer or other group sponsor. Only those two parties, by agreement, can change its terms. Covered employees cannot vote amendments, agents cannot rewrite the contract at renewal, and an employee cannot alter the certificate, which simply reflects the master policy's coverage.
Why the other options are wrong
- A) Covered members have no power to amend the master policy by vote.
- C) The agent administers the plan but has no authority to change its contractual terms.
- D) An employee's certificate evidences coverage under the master policy; the employee cannot modify it.
Memory hook
Two signatures change a master policy: insurer and policyholder.