Life License Qualification Program (LLQP) Practice Exam

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What is the minimum schedule of time to make claims under an Individual Disability policy in Florida?

  1. Annually

  2. Weekly

  3. Monthly

  4. Daily

The correct answer is: Monthly

In Florida, the typical minimum schedule for making claims under an Individual Disability policy is monthly. This means that if an insured individual becomes disabled, they can submit claims for benefits on a monthly basis, which aligns with how disability benefits are often structured to provide a steady income replacement during the period of disability. This frequency allows policyholders to receive timely financial support as they navigate their disability. Other options, such as daily or weekly, may not be practical for most disability policies, which are designed to handle claims in a manner that reflects the ongoing nature of the benefits rather than focusing on shorter timeframes. An annual schedule may also not be sufficient, as disabilities can substantially affect an individual’s financial situation in a much shorter time frame. Therefore, monthly submissions effectively balance the need for regular financial assistance with practical processing for both insurers and beneficiaries.