Florida Regulations 69B-124.010: Substitution of Policies
Current as of: 2024 | Check for updates
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(1) An insured shall have the right of option, in addition to the rights granted him under the terms and conditions of his insurance contract, to substitute, replace, change, or extend the existing policy in force with any type contract on each anniversary, or at any other time, provided credit for existing insurance is given to the next anniversary date of the existing policy, if required by the mortgagee.
(2) No payment of service fee or charge shall be required of the insured to substitute, replace, change, or extend the existing policy at each anniversary.
Rulemaking Authority 624.308, 626.9611 FS. Law Implemented 624.307(1), 626.9551(1) FS. History-New 5-20-64, Repromulgated 12-24-74, Formerly 4-3.10, 4-3.010, 4-124.010.
Terms Used In Florida Regulations 69B-124.010
- Contract: A legal written agreement that becomes binding when signed.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
Rulemaking Authority 624.308, 626.9611 FS. Law Implemented 624.307(1), 626.9551(1) FS. History-New 5-20-64, Repromulgated 12-24-74, Formerly 4-3.10, 4-3.010, 4-124.010.