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Life Insurance Policy Provisions, Options and Riders <<<<<>>>>>
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12 Mandatory Florida Health Insurance Policy ProvisionsEntire ContractNothing outside the contract (which includes the signed application and any attached policy riders) can be considered part of the contract.
Time Limit on Certain DefensesThe policy is incontestable after being in force for a specified period of time. Usually 2 years.
Grace PeriodA given number of days after the premium due date during which the payment may be delayed with the policy continuing in force. In Florida, 7 days for industrial policies, 10 days for policies with a monthly premium and 31 days for for other policies.
Reinstatement of Insurance PolicyIf the company does not require an application for reinstatement the policy is automatically reinstated if the delinquent premium is accepted by the insurance company.
Notice of ClaimThe policy owner has an obligation to provide notification of loss within a reasonable amount of time, usually 20 days.
Claim FormsIt is the company's responsibility to supply claim forms to the insured within 15 days after receiving notice of claim.
Proof of LossThe claimant has 90 days to submit proof of loss unless not reasonable possible.
Time of PaymentAfter the insurer receives notification and proof of loss they have 45 days to pay. Payment of ClaimsSpecifies how and to whom claim payments will be made upon a loss.
Physical Exam and AutopsyThe insurer can, at its own expense, conduct physical examinations of the insured at reasonable intervals during a claim. If the insured is deceased they may conduct an autopsy.
Legal ActionsThe insured cannot initiate legal action against the insurance company due to a claim dispute until 60 days from the time the insured submits proof of loss.
Change of BeneficiaryThe insured can change the beneficiary at any time unless the beneficiary is irrevocable.
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