(1) Rates
for decreasing gross coverage shall not be greater than as set forth in
paragraphs (a) and (b) below. Paragraph (c) refers to premium rates for other
types of coverage, either alone or in combination with the type of coverages
applicable to paragraphs (a) and (b).
(a) If
premiums are payable on a monthly outstanding balance basis, $0.69 for single
life coverage; $1.21 for joint life coverage per month per $1,000 of
outstanding insured indebtedness.
(b) If premiums are payable on a single
premium basis:
|
|
Single Premium Rate Per $100 Per Year of Initial
Insured
|
|
Coverage Type
|
Indebtedness
|
|
Single Decreasing Life
|
$0.44
|
|
Joint Decreasing Life
|
$0.77
|
(c)
If premiums are payable on a single premium basis when the benefit provided is
level term:
|
|
Single Premium Rate Per $100 Per Year of Initial
Insured
|
|
Coverage Type
|
Indebtedness
|
|
Single Level Life
|
$0.82
|
|
Joint Level Life
|
$1.43
|
(d)
Premiums charged for dismemberment insurance in the amount of life insurance in
force shall not exceed 10% of the amounts specified above.
(e) If the coverages provided are other than
those described in subsection (1) above, rates for such coverages shall be
actuarially equivalent with the rates provided in subsection (1).
(f) The prima facie rate for accelerated
death benefit coverage is:
1. For single
premium, decreasing term coverage $.03/$100/year,
2. For single premium, level term coverage
$.05/$100/year,
3. For single
premium, decreasing term joint life coverage $.06/$100/year,
4. For single premium level term joint life
coverage $.08/$100/year.
(2) The premium rates in subsection (1),
above, shall apply to policies providing credit life insurance to be issued
with or without evidence of insurability, to be offered to all eligible
debtors, and containing:
(a) No exclusions
other than suicide within 6 months of the incurred indebtedness; and
(b) Either no age restrictions or age
restrictions making ineligible for coverage debtors 71 or over at the time the
indebtedness is incurred.
(c)
However, the coverage shall be provided, at a minimum, until the earlier of the
maturity date of the loan or the loan anniversary at age 71. Where loans are in
the form of revolving credit arrangements, an insurer may terminate coverage
when the debtor attains the age 71.
Notes
Fla. Admin.
Code Ann. R. 69O-163.010
Rulemaking Authority 624.308(1), 627.678 FS. Law
Implemented 624.307(1), 627.678, 627.682
FS.
New 5-9-82, Formerly
4-7.10, Amended 6-11-91, Formerly 4-7.010, Amended 2-11-03, Formerly
4-163.010.
New 5-9-82, Formerly 4-7.10, Amended 6-11-91, Formerly
4-7.010, Amended 2-11-03, Formerly
4-163.010.
