627.4556 Life insurance automatic policy loan provision.
627.4556 Life insurance automatic policy loan provision.
If an application for an individual life insurance policy provides an option to the applicant for an automatic policy loan against the cash value of the policy to pay the premium on the policy in the event of nonpayment of premium, such option shall be deemed to be elected by the applicant unless the applicant makes an affirmative election not to include this provision in the policy.
History. s. 2, ch. 95-142.