“Indeterminate value contracts” and “variable contracts” defined
Known as the Alonzo Mourning Access to Care Act
The act spans §§ 627.011 to 627.9913 (628 sections).
History.--ss. 586, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 114, ch. 92-318.
For the purposes of this part:
(1) “Indeterminate value contracts” means annuity contracts, life insurance contracts, and contracts upon the lives of beneficiaries under life insurance contracts when such annuities or contracts provide variable or indeterminate benefits, values, or premiums.
(2) “Variable contracts” means indeterminate value contracts for which assets are held in a separate account.
Official source: Online Sunshine (Florida Legislature). Reproduced from public-domain Florida statutes; confirm against the official source for the current text. Not legal advice.