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.
Fla. Stat. § 627.4556
Life insurance automatic policy loan provision
Known as the Alonzo Mourning Access to Care Act
The act spans §§ 627.011 to 627.9913 (628 sections).
History.--s. 2, ch. 95-142.
Official source: Online Sunshine (Florida Legislature). Reproduced from public-domain Florida statutes; confirm against the official source for the current text. Not legal advice.