State RegulationsFL specificDifficulty 3/5
Which statement about variable life contracts and Fla. Stat. 626.99 is correct?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
Fla. Stat. 626.99(2)(b)5. expressly exempts variable life contracts from the statute, so the Buyer's Guide and Policy Summary delivery condition that governs ordinary individual life policies does not apply to variable life; those contracts are instead regulated as securities. Annuities are treated separately under Fla. Stat. 626.99(4)(b),(c), which requires a 21-day refund.
Why the other options are wrong
- A) The 14-day refund condition in 626.99(4)(a) governs ordinary individual life policies; variable life is expressly exempt from the statute.
- B) The 21-day unconditional refund belongs to fixed and variable annuities under 626.99(4)(b),(c), not to variable life insurance.
- C) There is no partial application of the statute to variable life; the exemption removes the entire delivery condition.
Memory hook
Variable life sits outside 626.99; annuities get 21 days, ordinary life 14.