State RegulationsFL specificDifficulty 3/5
Within Florida's replacement rules, when may the replacing insurer accept the initial premium without first delivering the Buyer's Guide and Policy Summary?
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Answer & full 3-part explanation (select an option above, or peek)
Why C is correct
Under F.A.C. 69B-151.007, in a replacement transaction the initial premium may be accepted without the Buyer's Guide and Policy Summary if the replacing policy itself provides an unconditional refund for at least 10 days. Note the wrinkle: the replacement rule's text says 10 days, while the general life delivery condition in Fla. Stat. 626.99(4)(a) uses 14 days - the 10-day figure applies only inside the replacement-rule context, and no waiver can substitute for the refund right.
Why the other options are wrong
- A) Fourteen days is the 626.99(4)(a) figure for ordinary life; the replacement rule's own text uses 10 days.
- B) No signed waiver eliminates the disclosure or refund condition in a replacement.
- D) Replacement transactions carry full disclosure duties; the rules simply measure the refund differently.
Memory hook
Replacement's own number is 10 days - not the usual 14.