State RegulationsFL specificDifficulty 1/5
Before a Florida insurer may use a new life insurance policy form in the market, what must happen?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under Chapter 627, Florida Statutes, insurers must file policy forms with the Office of Insurance Regulation and obtain approval before using them. This form-filing review is the mechanism that keeps prohibited, unjust, or inequitable provisions out of policies sold in Florida. Agents therefore sell only from approved form libraries, and home-made policy language never reaches the public.
Why the other options are wrong
- B) Agents have no vote in form approval; that is a regulatory function of the OIR.
- C) No public-comment procedure is required for policy form approval.
- D) Florida does not operate on insurer self-certification of policy forms.
Memory hook
No OIR approval, no policy form.