Florida Statute 627.453 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XXXVII
INSURANCE

Chapter 627
INSURANCE RATES AND CONTRACTS

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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.

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Amendments to 627.453

Annotations, Discussions, Cases:

Cases Citing Statute 627.453

Total Results: 2 | Sort by: Relevance | Newest First

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Stone v. Jackson Nat'l Life Ins. Co., 934 So. 2d 532 (Fla. 3d DCA 2006).

Published | Florida 3rd District Court of Appeal | 2006 Fla. App. LEXIS 3236, 2006 WL 544542

...need only include those sections which are required by their language to" be included in the insurance policy. See Exposito v. State, 891 So.2d 525, 528 (Fla.2004)(giving plain and ordinary meaning when interpreting statutory language). For example, section 627.453, one of the enumerated sections, states that “[ejvery insurance contract shall provide that the insured is entitled to a grace period.... ” § 627.453, Fla....

...included in the policy.” § 627.462, Fla. Stat. (1999)(emphasis added). The language of section 627.462 mandates that a table providing for the amount and period of installments be included in the policy. Thus, if this section, along with sections 627.453 and 627.454 were not included in the policy, we would be required to read the policy in a way which brought it in conformity with these statutes....

...Stone’s complaint was properly dismissed. Affirmed. . Section 627.452(1) provides, in relevant part: No policy of life insurance ... shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions as required by ss. 627.453-627.462 inclusive and ss....

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Nat'l Ben Franklin Life Ins. Corp. v. Cohen, 464 So. 2d 1256 (Fla. Dist. Ct. App. 1985).

Published | District Court of Appeal of Florida | 10 Fla. L. Weekly 463, 1985 Fla. App. LEXIS 12501

...eone other than the agent, but we find no such exclusion in the statute. The only relevant provision is that the payment must be made in cash. It was. The insurance company also cites Sections 626.561, 626.611, 626.753, 626.794, 626.9541, 1 627.403, 627.453, 627.460, and 627.474, Florida Statutes (1981), for the propositions that the insured must pay the premium, or the agent cannot....

...the award. We agree this was error and reverse on this point. The second annual premium was due in its entirety on October 1, 1978. The deceased died on October 4 during the grace period but before payment. In such circumstance it appears clear that Section 627.453, Florida Statutes (1981), permits deduction of the premium....

This Florida statute resource is curated by Graham W. Syfert, Esq., a Jacksonville, Florida personal injury and workers' compensation attorney. Attorney Syfert regularly works with Chapter 627 in the context of insurance coverage law and represents clients throughout Northeast Florida. For legal consultation, call 904-383-7448.