Fla. Stat. 627.4556
Life insurance automatic policy loan provision

If an application for an individual life insurance policy provides an option to the applicant for an automatic policy loan against the cash value of the policy to pay the premium on the policy in the event of nonpayment of premium, such option shall be deemed to be elected by the applicant unless the applicant makes an affirmative election not to include this provision in the policy.

Source: Section 627.4556 — Life insurance automatic policy loan provision, https://www.flsenate.gov/Laws/Statutes/2024/0627.4556 (accessed Aug. 7, 2025).

627.451
Scope of this part 627.452
Standard provisions required 627.453
Grace period 627.454
Entire contract 627.455
Incontestability 627.456
Misstatement of age or sex 627.457
Dividends 627.458
Policy loan 627.459
Reinstatement 627.460
Authority to alter contract 627.461
Settlement on proof of death 627.462
Table of installments 627.463
Excluded or restricted coverage 627.464
Annuity contracts, pure endowment contracts 627.465
Annuity contracts, pure endowment contracts 627.466
Annuity contracts, pure endowment contracts 627.467
Annuity contracts, pure endowment contracts 627.468
Annuity contracts, pure endowment contracts 627.469
Annuity contracts, pure endowment contracts 627.470
Annuity contracts, pure endowment contracts 627.471
Reversionary annuities 627.472
Incontestability after reinstatement 627.473
Policy settlements 627.474
Policy must contain entire contract 627.475
Nonforfeiture benefits 627.476
Standard Nonforfeiture Law for Life Insurance 627.479
Prohibited policy plans 627.480
Cash payments of single-premium life policies 627.481
Requirements for certain annuity agreements 627.482
Interest payable on cash surrender of policy 627.4553
Recommendations to surrender 627.4554
Suitability in annuity transactions 627.4555
Secondary notice 627.4556
Life insurance automatic policy loan provision 627.4585
Maximum rate of interest on policy loans 627.4605
Replacement notice 627.4615
Interest payable on death claim payments

Current through Fall 2025

§ 627.4556. Life insurance automatic policy loan provision's source at flsenate.gov

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Location: https://florida.public.law/statutes/fla._stat._627.4556

Original Source: Section 627.4556 — Life insurance automatic policy loan provision, https://www.flsenate.gov/Laws/Statutes/2024/0627.4556 (last accessed Aug. 7, 2025).