The 2023 Florida Statutes (including Special Session C)

Title XXXVII
INSURANCE

Chapter 627
INSURANCE RATES AND CONTRACTS

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F.S. 627.679

627.679 Amount of insurance; disclosure.—

(1)(a) The amount of credit life insurance written under one or more policies shall not exceed by more than $5 the total of the payments of the specific contracts of indebtedness in connection with which it is written, when the indebtedness is repayable in substantially equal installments or in one installment or a single payment.

(b) The total amount of credit life insurance on the life of any debtor with respect to any loan or loans covered in one or more insurance policies shall at no time exceed the amount of the indebtedness.

(c) Before any credit life insurance may be sold in connection with a specific installment loan or home equity line of credit, the creditor agent or agent shall obtain a separate written acknowledgment with respect to each of the following:

1. That the borrower understands that he or she has the option of assigning any other policy or policies the borrower owns or may procure for the purpose of covering such loan and that the policy need not be purchased from the creditor agent in order to obtain the loan.

2. That the borrower understands that the credit life coverage may be deferred if, at the time of application, the borrower is unable to engage in employment or unable to perform normal activities of a person of like age and sex, if the proposed credit life insurance policy contains this restriction.

3. That the borrower understands that the benefits under the policy will terminate when the borrower reaches a certain age and that the borrower’s age is accurately represented on the application or policy.

This paragraph does not apply to credit life insurance relating to open-end or revolving credit arrangements. In lieu of the required written acknowledgments set forth in this paragraph and s. 626.9551(2)(a), if the sale of credit life insurance is solicited or consummated telephonically, the creditor agent or agent shall provide written disclosures of such options to the borrower within 30 days from the date the coverage takes effect. The borrower must be notified that he or she has 30 days from the date the disclosures are received to rescind the credit life insurance coverage.

(2) Notwithstanding the provisions of this section, credit life insurance in connection with agricultural loans not exceeding 1 year may be written up to the amount of the loan commitment on the nondecreasing or level-term plan.

(3) The total indemnities provided under the terms of credit disability coverage shall not exceed by more than $5 the total of the payments when the indebtedness is repayable in substantially equal installments.

(4) The total amount of credit disability insurance on the life of any debtor with respect to any loan covered in one or more insurance policies shall at no time exceed $50,000.

History.—s. 598, ch. 59-205; s. 1, ch. 71-150; s. 3, ch. 76-168; s. 2, ch. 77-246; s. 1, ch. 77-457; ss. 3, 7, ch. 80-387; s. 429, ch. 81-259; ss. 2, 3, ch. 81-318; ss. 531, 537, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 35, ch. 88-166; s. 2, ch. 89-75; s. 114, ch. 92-318; s. 353, ch. 97-102; s. 2, ch. 2001-111; s. 67, ch. 2003-267; s. 5, ch. 2008-75.

F.S. 627.679 on Google Scholar

F.S. 627.679 on Casetext

Amendments to 627.679

Arrestable Offenses / Crimes under Fla. Stat. 627.679

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 627.679.

Annotations, Discussions, Cases:

Cases from cite.case.law:

STATE v. BEACH BLVD AUTOMOTIVE, INC. a a O. Sr., 139 So. 3d 380 (Fla. Dist. Ct. App. 2014)

. . . Section 627.679, Florida Statutes (2011), provides for the amount that may be charged for credit life . . .

LONDON, v. WAL- MART STORES, INC. USA,, 340 F.3d 1246 (11th Cir. 2003)

. . . summary judgment to London on several issues, finding that Appellants violated Florida Statutes sections 627.679 . . . London alleged that Appellants violated Florida Statutes section 627.679(1)(c)(1), which requires that . . . Ann. § 627.679(l)(c)(l) (2002). . . . London also alleged that Bankers was an “agent” for purposes of section 627.679(l)(c)(l), making the . . . ANN. § 627.679(l)(c) (2002) (emphasis added). . . .

FABRICANT, v. SEARS ROEBUCK,, 202 F.R.D. 310 (S.D. Fla. 2001)

. . . . § 1601 et seq. and Florida law, including Florida Statutes §§ 627.679 and 624.15. . . . Stat. § 627.679 and to comply with §§ 624.605(1)0), 626.321, 627.682, a class of persons certified under . . .

BARON, v. BEST BUY CO. INC. a USA, a Co. Co. a, 79 F. Supp. 2d 1350 (S.D. Fla. 1999)

. . . . §§ 624.605, 626.631, 627.679, 627.682. Ms. . . .

BARON, v. BEST BUY CO. INC. a USA, a a, 75 F. Supp. 2d 1368 (S.D. Fla. 1999)

. . . . § 627.679. . . .

ROBERTSON v. PHF LIFE INSURANCE COMPANY,, 702 So. 2d 555 (Fla. Dist. Ct. App. 1997)

. . . Appellants raise two issues: (1) whether the trial court erred in finding no conflict between sections 627.679 . . . First, we conclude that sections 627.679(l)(a) and 627.553(3), Florida Statutes, do not conflict, and . . .

H. HOWARD, v. GLOBE LIFE INSURANCE CO. H. EDWARDS v. MAYFLOWER NATIONAL LIFE INS. CO. W. PITTS, P. v. UNION FIDELITY LIFE INSURANCE CO. J. SERIO B. v. FIRST LIFE ASSURANCE CO. n k a Co. W. PITTS, P. F. Sr. Sr. v. CENTURION LIFE INSURANCE CO., 973 F. Supp. 1412 (N.D. Fla. 1996)

. . . an amount greater than that required to pay off the balance of their loan, thereby violating Section 627.679 . . .

AETNA LIFE INSURANCE COMPANY, v. S. SIEVERT,, 361 So. 2d 747 (Fla. Dist. Ct. App. 1978)

. . . See Section 627.679, Florida Statutes (1973). The Petition for Rehearing is denied. McCORD, C. . . .