Florida Statutes 627.559 – Grace period
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 627.559
- Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
- 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
- Insurer: includes any person or governmental unit providing a plan of self-insurance. See Florida Statutes 627.551
A group life insurance policy shall provide that the policyholder is entitled to a grace period of 31 days for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in force, unless the policyholder has given the insurer written notice of discontinuance in advance of the date of discontinuance and in accordance with the terms of the policy. The policy may provide that the policyholder is liable to the insurer for the payment of a pro rata premium for the time the policy was in force during such grace period.