1. (1) Rates for decreasing gross coverage shall not be greater than as set forth in paragraphs (a) and (b) below. Paragraph (c) refers to premium rates for other types of coverage, either alone or in combination with the type of coverages applicable to paragraphs (a) and (b).

   1. (a) If premiums are payable on a monthly outstanding balance basis, $0.69 for single life coverage; $1.21 for joint life coverage per month per $1,000 of outstanding insured indebtedness.
   2. (b) If premiums are payable on a single premium basis:

1. (c) If premiums are payable on a single premium basis when the benefit provided is level term:

1. (d) Premiums charged for dismemberment insurance in the amount of life insurance in force shall not exceed 10% of the amounts specified above.
2. (e) If the coverages provided are other than those described in subsection (1) above, rates for such coverages shall be actuarially equivalent with the rates provided in subsection (1).

3. (f) The prima facie rate for accelerated death benefit coverage is:

   1. For single premium, decreasing term coverage $.03/$100/year,

   2. For single premium, level term coverage $.05/$100/year,

   3. For single premium, decreasing term joint life coverage $.06/$100/year,

   4. For single premium level term joint life coverage $.08/$100/year.

4. (2) The premium rates in subsection (1), above, shall apply to policies providing credit life insurance to be issued with or without evidence of insurability, to be offered to all eligible debtors, and containing:

   1. (a) No exclusions other than suicide within 6 months of the incurred indebtedness; and
   2. (b) Either no age restrictions or age restrictions making ineligible for coverage debtors 71 or over at the time the indebtedness is incurred.
   3. (c) However, the coverage shall be provided, at a minimum, until the earlier of the maturity date of the loan or the loan anniversary at age 71. Where loans are in the form of revolving credit arrangements, an insurer may terminate coverage when the debtor attains the age 71.

Rulemaking Authority 624.308(1), 627.678 FS. Law Implemented 624.307(1), 627.678, 627.682 FS. History–New 5-9-82, Formerly 4-7.10, Amended 6-11-91, Formerly 4-7.010, Amended 2-11-03, Formerly 4-163.010.