State RegulationsFL specificDifficulty 3/5
Does a variable life policy sold in Florida fall under the same 14-day Buyer's Guide refund condition as ordinary life policies?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Fla. Stat. 626.99(2)(b)5. expressly exempts variable life insurance from 626.99, the statute whose subsection (4)(a) ties the 14-day refund to Buyer's Guide and Policy Summary delivery. Variable life therefore has no statutory free look under that law - a favorite exam exception. Variable products are addressed separately, such as the 21-day unconditional refund required for variable annuities under 626.99(4)(b),(c).
Why the other options are wrong
- A) The exemption means variable life is not under the 14-day condition at all - the statute does not cover it.
- C) Cash value has nothing to do with the exemption, which turns on the type of policy, not its value.
- D) There is no 30-day variable life free look; 30 days belongs to Medicare supplement and long-term care policies.
Memory hook
Variable life sits outside 626.99 - no statutory free look.