Florida 2-15 Life, Health and Variable Annuity AgentFlorida Laws and Regulations Specific to Life Insurance and AnnuitiesEasy
A group life insurance policy in Florida covers employees of a large corporation. If an employee terminates their employment, what is the maximum period they have to convert their group coverage to an individual policy without evidence of insurability?
- A15 days
- B45 days
- C60 days
- D31 days
Show answer & explanationAnswer & explanation
Correct answer: D. 31 days
Florida law, consistent with most states, mandates a 31-day conversion period for group life insurance, allowing an employee to convert to an individual policy without proving insurability after leaving the group.
Why the other options are wrong
- A. This is incorrect; 15 days is not the standard conversion period for group life in Florida.
- B. This is incorrect; 45 days is not the statutory conversion period for group life in Florida.
- C. This is incorrect; 60 days is not the standard conversion period for group life in Florida.
Group Life Conversion Privilege
A provision in group life insurance that allows an employee to convert their group coverage to an individual policy upon termination of employment, without providing evidence of insurability.
- No evidence of insurability required
- Must be within a specific timeframe (e.g., 31 days)
- Premiums based on attained age
Memory trick: Thirty-one days to make the switch, before your group coverage hits a ditch.