627.453
Grace period.
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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.
Notes of Decisions
Cited in 2
cases, 1985–2006 · leading case: Stone v. Jackson National Life Insurance Co.
Stone v. Jackson National Life Insurance Co. (2006)
“” § 627.453, Fla. Stat. (1999)(emphasis added).”
National Ben Franklin Life Insurance Corp. v. Cohen (1985)
“We next consider the insurance company’s claim that the trial court erred in not deducting the second year’s premium from the award. We agree this was error and reverse on this point.”
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