Florida Statute 627.453 - Full Text and Legal Analysis

The 2024 Florida Statutes (including 2025 Special Session C)

Title XXXVII
INSURANCE

Chapter 627
INSURANCE RATES AND CONTRACTS

View Entire Chapter

F.S. 627.453

627.453 Grace period.—Every insurance contract shall provide that the insured is entitled to a grace period of not less than 30 days within which payment of any premium after the first may be made. The payment may, at the option of the insurer, be subject to an interest charge not in excess of 8 percent per year for the number of days of grace elapsing before the payment of the premium, during which period of grace the policy shall continue in force. If the policy becomes a claim during the grace period before the overdue premium is paid, or the deferred premiums of the current policy year, if any, are paid, the amount of such premium or premiums with interest not in excess of 8 percent per year thereon may be deducted in any settlement under the policy.

History.—s. 480, ch. 59-205; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 380, 404, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 114, ch. 92-318.

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Amendments to 627.453

Annotations, Discussions, Cases:

Cases Citing Statute 627.453

Total Results: 2

Stone v. Jackson National Life Insurance Co.

934 So. 2d 532, 2006 Fla. App. LEXIS 3236, 2006 WL 544542

District Court of Appeal of Florida | Filed: Mar 8, 2006 | Docket: 64845841

Published

interpreting statutory language). For example, section 627.453, one of the enumerated sections, states that

National Ben Franklin Life Insurance Corp. v. Cohen

464 So. 2d 1256, 10 Fla. L. Weekly 463, 1985 Fla. App. LEXIS 12501

District Court of Appeal of Florida | Filed: Feb 20, 1985 | Docket: 64610437

Published

In such circumstance it appears clear that Section 627.453, Florida Statutes (1981), permits deduction