Life License Qualification Program (LLQP) Practice Exam

In Florida, an additional lapse notice must be issued after the standard grace period has expired for policyowners of what age?

1. 21 and under

2. 59 1/2 or older

3. 64 years or older

4. 69 or older

The correct answer is: 64 years or older

In Florida, the requirement for an additional lapse notice after the standard grace period has expired specifically addresses the needs of older policy owners to ensure they are properly informed about the status of their life insurance policies. When policyholders reach 64 years of age or older, they are often at a stage in life where the potential consequences of losing coverage can be more significant. Therefore, Florida law mandates that these individuals receive an additional lapse notice to give them an opportunity to remedy the situation before their policy lapses. This added layer of notification serves as a consumer protection measure, recognizing that older policyholders may need extra assistance in managing their insurance coverage during a pivotal stage in their financial planning. Understanding the context behind this legislation is crucial for anyone studying life insurance policies, as it highlights the importance of maintaining coverage for individuals who may be more susceptible to loss of benefits due to age-related factors, such as health changes or financial challenges.