Florida Statutes 627.558 – Provisions required in group contracts
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 627.558
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- group life insurance policy: include plans of self-insurance providing death benefits. See Florida Statutes 627.551
- insurance: include the death benefits provided under a plan of self-insurance. See Florida Statutes 627.551
No policy of group life insurance shall be delivered in this state unless it contains in substance the provisions set forth in ss. 627.559–627.568 or provisions which in the opinion of the office are more favorable to the persons insured, or at least as favorable to the persons insured and more favorable to the policyholder; except that:
(1) Sections 627.564–627.568 inclusive do not apply to policies issued to a creditor to insure debtors of such creditor;
(2) The standard provisions required for individual life insurance policies do not apply to group life insurance policies; and
(3) If the group life insurance policy is on a plan of insurance other than the term plan, it shall contain a nonforfeiture provision or provisions which in the opinion of the office is or are equitable to the insured persons and to the policyholder, but nothing in this section shall be construed to require that group life insurance policies contain the same nonforfeiture provisions as are required for individual life insurance policies.