627.4615
Interest payable on death claim payments.
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627.4615 Interest payable on death claim payments.—When a policy provides for payment of its proceeds in a lump sum upon the death of the insured, the payment must include interest, at an annual rate equal to or greater than the Moody’s Corporate Bond Yield Average-Monthly Average Corporate as of the day the claim was received, from the date the insurer receives written due proof of death of the insured. If the method of calculating such index is substantially changed from the method of calculation in use on January 1, 1993, the rate must not be less than 8 percent.
History.—s. 15, ch. 83-288; s. 3, ch. 84-94; ss. 43, 114, ch. 92-318.
Notes of Decisions
Cited in 4
cases, 1996–2007 · leading case: Stone v. Jackson National Life Insurance Co.
Stone v. Jackson National Life Insurance Co. (2006)
“…than the Moody’s Corporate Bond Yield Average-Monthly Average Corporate as of the day the claim was received.... § 627.4615, Fla. Stat. (1999).”
Great West Life Assurance Co. v. Greene (1996)
“2 It contended that this payment, although made, was not legally required as section 627.4615, Florida Statutes (1993), states that interest is payable only from the date the insurer receives written due proof of the death of the insured, not from the date of death as Greene…”
Best Meridian Ins. Co. v. Tuaty (2002)
“§ 627.4615, Fla. Stat. (1995). In interpreting this statute, the trial court determined that section 627.”
Rogelio A. Malek v. New York Life Insurance Co. (2007)
“Fla. Stat. § 627.4615 . The district court held, pursuant to § 627.”
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