State RegulationsFL specificDifficulty 3/5
Which of the following correctly pairs a product with its Florida right of return or refund?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under Fla. Stat. 626.99(4)(b),(c), annuity contracts, fixed and variable, carry a 21-day unconditional refund right. Ordinary individual life has no general statutory free-look day count - the 14-day figure is tied to the Buyer's Guide delivery condition in Fla. Stat. 626.99(4)(a) - variable life is expressly exempt from 626.99, and long-term care uses 30 days after delivery under Fla. Stat. 627.9407(8).
Why the other options are wrong
- B) Ordinary individual life's 14 days come from the 626.99(4)(a) delivery condition; Florida has no 30-day life free-look statute.
- C) Variable life is expressly exempt from Fla. Stat. 626.99 and has no statutory free look.
- D) Long-term care uses 30 days after delivery, not 21.
Memory hook
Annuities alone get 21; LTC and Med Supp get 30; variable life gets none.